Norwegian food company Rieber & Søn has booked an increase in profits for 2010 and said it remains “optimistic” about the year ahead.
Operating profit rose to NOK453m (US$78.7m), up from NOK424m last year, the company reported today (27 January).
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Earnings per share amounted to NOK3.91, an 18% improvement on NOK3.32 recorded last year. The figure beat the firm’s target of NOK3.65.
Patrik Andersson, CEO of Rieber & Son, said: “I am very satisfied by the fact that we are reaching the targets we have set.”
Sales in 2010, however, fell by 8.5% to just over NOK4.5bn. Rieber & Son attributed the slide to sales of several operations last year, and the demerger of King Oscar.
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“Although I would have liked higher sales in 2010, the key point is that we increase the profitability,” Andersson said.
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By GlobalDataThe CEO said he wants “higher speed” in the market in 2011, and remains “optimistic” as two of the business units with a lapse in sales last year, foodservice and Czech Republic, both reported a “strong” fourth quarter.
Nevertheless, Rieber & Son’s shares dropped 0.21% to NOK47.70 at 11:17am GMT in trading today.
Click here to view the full earnings release.
