Strong sales growth at home boosted profits at Singapore Food Industries during the first half of the year, the company said today (24 July).
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Net profit jumped 29.5% to S$18.2m (US$13.4m) during the six months to the end of June, as sales in Singapore climbed 17.5%.
Group turnover was up 3.4% to S$342.7m, although sales in the UK and Ireland, markets that account for over half of SFI’s revenue, dipped 4.9% to S$190.1m, thanks in part to the impact of a weak pound against the Singapore dollar.
However, once currency fluctuations were excluded, sales in the UK and Ireland rose 4.7%. SFI, which owns UK soup brand New Covent Garden Food Co., said its soup sales in the UK and Ireland had grown 12% during the first half.
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