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).

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.

“Although I would have liked higher sales in 2010, the key point is that we increase the profitability,” Andersson said.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The 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.