Russian food and beverage group Wimm-Bill-Dann Foods has recorded a healthy set of first-quarter results thanks to strong growth from its dairy business.
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The company saw operating income saw by over 73%, reaching US$51.4m for the three months to 31 March. Sales leapt 40.1% to $542.8m.
“During the quarter sales in our Dairy division increased 43.9% to US$414.2 million, significantly exceeding industry growth rates, with gross margins reaching 29.2% compared to 27.4% a year ago,” said CEO Tony Maher.
Maher said organic growth remained the company’s “key driver”, generating almost 30% of the company’s revenue growth.
Sales from the company’s baby food business jumped almost 37% to $35.7m.
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By GlobalData
