Finnish food group Raisio today (4 May) insisted that it would expand revenues during fiscal 2010, despite booking a drop in first-quarter sales.

The company said that sales in the three months to the end of March slid to EUR86.4m (US$113.4m) from EUR91.2m last year. EBIT also dipped, declining to EUR4.3m from EUR4.5m.

However, following Raisio's acquisition of UK healthy snack maker Glisten, the company said it had entered a “growth phase” that would see sales surge at the expense of profitability. 

“We expect a considerable increase in net sales in 2010. Our target is to maintain the earlier level of profitability at the beginning of the growth phase even though the costs of growth projects impact the Group’s result and the market situation in the business-to-business division will probably continue to be challenging,” the company said. 

Glisten became a part of Raisio last month and its sales are not included in the company's first-quarter numbers.