Success in pushing through higher prices boosted annual sales and earnings at Norway-based food group Rieber & Søn.
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The company, which sells a range of food including bakery, seafood and frozen products, said yesterday (29 January) that EBITDA rose 15% to NOK560m (US$80.9m) in 2008. EBIT rose 29.9% to NOK356m.
Rieber & Søn saw annual sales climb 8.6% to just under NOK5bn as higher prices and the strength of the US dollar and euro offset a 2.3% fall in volumes.
The company said a “sharp” rise in raw material prices in 2008 had led it to up prices to its customers.
“For a long period, the group had been unable to sufficiently compensate for the higher cost of raw materials, but we believe that the balance between outward and inward price growth is now becoming more normalised,” Rieber & Søn said.
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By GlobalDataFourth-quarter EBITDA jumped 56% to NOK167m; EBIT more than doubled from NOK52m in 2007 to NOK122m.
Sales during the last three months of 2008 rose 13.5% to NOK1.38bn.
