Norwegian food group Rieber & Søn has posted a drop in full-year profits, hurt by a one-off cost related to job cuts during the year.
Rieber & Søn booked a 42.2% drop in operating profit for 2011 to NOK266m (US$45.6m), the group reported today (2 February). The drop was due to a one-off cost of NOK11m related to cuts among sales and admin staff in western Europe and Poland during the year. Full-year EPS slid by 47% to NOK2.08.
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Earnings were also affected by lower revenue, which fell 5.7% to NOK4.29bn.
For the fourth quarter, operating profit amounted to NOK66m, a 55.7% decline on the prior-year period. EPS slid by 59% to NOK0.54, while sales dropped by 5.1% to NOK1.11bn.
Rieber said the board will ask the AGM to approve a dividend of NOK1.50 per share, corresponding to dividend cover of 72%, compared to 51% last year.
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This morning, the group also named supply chain director Frank Mohn as its new CEO. He replaces Patrik Andersson, who announced his decision to leave the role in November.
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By GlobalDataRieber & Son’s share price climbed by 2.34% to NOK39.40 at 12:16 GMT today.
