Spanish food maker Grupo Siro has posted an almost 40% jump in annual profits as the company “fulfilled” its targets for 2009.
The company, which makes pasta, bakery and confectionery products, booked EBITDA of EUR53m (US$70.8m) for 2009, up 39.4% on the year.
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Sales climbed 13% to EUR321m and, although Grupo Siro said it had spent less on capital projects in 2009, it was “reaping the rewards” of investment made over the last three years.
“Not only were the targets set for the year fulfilled in 2009 but also some of the strategic targets set for the period 2007-2010 have been achieved before schedule, especially with regard to the growth and development of the business,” Grupo Siro said.
In 2009, the company, Spain’s eighth-largest food maker by sales, acquired three local bakeries from US giant Sara Lee, extended a biscuit factory in Toro and expanded a bread plant in Aguilar de Campoo.
Grupo Siro said it had also boosted pasta production at Venta de Baños, confectionery output at Montblanc and bakery production in Medina del Campo and El Espinar.
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By GlobalData
