Swiss food manufacturer Hugli Group said today (27 January) that it has seen “pleasing” organic growth, despite growth being dented by the negative impact of currency fluctuation.
Sales for fiscal 2009 totalled CHF390.4m (US$372.7m), down 2.6% after currency exchange. Stripping out the negative 6.6% impact of foreign exchange, sales would have increased 4%, the group said.
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Despite the economic slump, the company was able to post organic growth of 3.6% – with growth weighted to the second half. Volume expansion accounted for 1.1% of the company’s organic growth.
Hugli said that the strong second-half performance meant that it now expects operating income to grow by more than the 10% predicted in August.
