A “sluggish” Nordic grocery market has weighed on sales at Orkla Brands, the FMCG arm of Norwegian conglomerate Orkla.
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Orkla Brands, which was formed last year through the combination of Orkla Foods with non-food, consumer goods unit Orkla Brands, booked second-quarter revenues of NOK5.66bn (US$909.4bn) for the three months to June, up slightly from NOK5.65 a year ago.
The business, which has operations in Scandinavia and the Baltic States, said volume growth was “weak” in the first half but “slightly better” during the second quarter. First-half revenues reached NOK11.06bn, up from NOK11.01bn a year ago.
However, second-quarter EBITA stood at NOK638m, compared to NOK586m a year earlier.
First-half EBITA rose from NOK1.08bn to NOK1.16bn with underlying profit – earnings excluding M&A and foreign exchange – rising 4%.
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By GlobalDataClick here for the full half-year results from Orkla Brands and check back later for more detailed comment from the management of the company’s parent, Orkla.
