Business-to-business chocolate giant Barry Callebaut today (7 November) revealed a drop in earnings in its full-year but reaffirmed its mid-term financial targets.
Net profit fell to EUR229.3m (US$310.1m) in the 12 months to the end of August from EUR241.1m in the prior year. Operating profit fell 3.8% to EUR339.6m.
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The decline was attributed to acquisition costs associated with Petra Foods’ loss-making cocoa business. Excluding Petra, EBIT rose 4.4%, the group added.
Volume growth was “strong” in what the firm said was a “challenging” market environment. Volumes rose 8.7%, or 11.4% including the recently acquired Petra cocoa business.
Sales in the period were up 1.03% to EUR4.88bn, reflecting lower raw material prices.
“I am proud of the excellent volume growth we have achieved, notably with strategic partnership agreements, in emerging markets and in our gourmet business,” said CEO Juergen Steinemann. “This growth is even more remarkable against the background of a challenging market environment in some regions.”
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By GlobalDataThe company reaffirmed its mid-term financial target of 6-8% average volume growth per year, and EBIT per tonne restored to a pre-acquisition level by 2015/16.
