Dublin-based Hibernia Foods, a manufacturer of branded cakes, branded and private-label ready-meals and branded and private-label frozen desserts, has posted record revenues of €201.3m (US$175.5m) for its FY 2002 ended 31 March, up 53% year on year.
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Gross profits were up 92% to €34.9m and gross margins had increased by 68%.
The distribution of sales by segment:
2002(1) 2002 2001
US$000s EUR000s EUR000s
Frozen Desserts 110,162 126,375 75,878
Frozen Ready Meals 28,309 32,475 35,089
Entenmann’s Brand Cakes 20,198 23,172 20,517
Private Label Chilled
Desserts 16,708 19,168 –
Miscellaneous 97 111 260
175,474 201,301 131,744
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The operating loss for the year was €7.8m or 3.9% of sales. The operating loss for the previous fiscal at €12.3m was €4.5m higher and represented 9.3% of sales. Interest and other charges at €5.8m were broadly consistent with the previous fiscal year’s comparable charge of €5.6m, despite the increase in activities.
Included in the FY 2002 results is a once off, non-cash charge of €999,000 in relation to the exercise of Class E and F warrants, and represents the difference between the adjusted exercise price and the market value on the date of exercise.
The net loss per share was €0.68 compared to a net loss per share before extraordinary item of €0.98, in the previous fiscal year.
Oliver Murphy, chairman and CEO, commented: “2002 was a milestone year for Hibernia. We made an important strategic acquisition at the start when we acquired the La Boheme chilled desserts business and later that Q1 we acquired our major competitor in the frozen desserts market – Sara Lee Bakeries UK. We now have annualised revenues approaching €250m and our policy, having built this scale, is to pursue a balanced strategy of both revenue growth and profitability.
“Our priorities in the current fiscal, are: to realise the purchasing and manufacturing synergies we have identified; to leverage our scale in the frozen desserts market to further improve margins, particularly in the H2; to extend the Entenmann’s range, by the launch of small cakes in Q2; to establish a separate team to drive our European expansion plans; to expand our penetration into the chilled desserts market; and to continue our strategy of focusing on profitable niches within the ready-meals sector.
“Overall, I am committed to our strategy of a balanced mix between profitability and revenue growth, and I am confident that the momentum reflected in the FY 2002 figures will continue into the current fiscal year.”
