Russian food group Wimm-Bill-Dann Foods has seen revenue grow by 24.8% in the first nine months of fiscal 2008, the company revealed today (18 December).
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Revenue rose to US$2.19bn in the nine-month period ended 30 September, driven by strong baby food sales.
The company’s baby food business saw revenue rise by 61% to $191.6m, while it’s dairy unit reported an increase in sales of $1.6bn, up 23% year-on-year, while the group’s beverages business booked sales of $372.5, up nearly 20%. This growth was “all organic”, the company said.
Gross profit grew by 22.2% to $707m and EBITDA rose by 23.3% to $282.7m.
However, net income was hit by a respective tax charge and losses on currency conversion increasing by only 3.7% year-on-year to $109.6m in the nine-month period.
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By GlobalData“We continue to face significant headwinds created by a decline in consumer confidence in Russia and CIS, slower GDP growth, and unprecedented global financial turmoil,” CEO Tony Maher said.
Nevertheless, he continued: “We remain confident in our financial strength, our ability to execute, and our strategy for sustained profitability. Over the last several years, we have put in place a strong foundation, which, combined with the very nature of our business, will see us emerge even stronger from this uncertain period.”
