Russian food group Wimm-Bill-Dann Foods, has posted a 43.6% rise in full year profits, which increased to US$568m on the back of 26.4% sales growth and margins improvement.
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Total full year sales climbed to $1.67bn, with margins rising from 32.2% to 28.4%, the group revealed in a financial release.
Underlying net income for the full year more than tripled, increasing to$108.5m, while reported net income for the full year, including special charges, increased to $95.4m from $30.3m in 2005
Commenting on the results, Tony Maher, chief executive officer of Wimm-Bill-Dann, said: “It has been one year since I joined Wimm-Bill-Dann and I am very pleased to mark the occasion with the announcement of another strong financial performance.
“In the second quarter of last year, we embarked on a journey of optimizing our cost base, enhancing our route to market, investing in building consumer preferences in our brands and strengthening our management team. Though this journey is in its early stages we are seeing encouraging indications that we are on the right track. Going forward we will continue to accelerate the pace of our progress towards being the largest food and beverage company in Russia and the CIS with the leading position in Health and Wellness.”
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