Swiss meat processor Bell Group said today (19 February) that its profits rose by over 8% during 2008 thanks to strong sales at home and contributions from new acquisitions.
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The company booked an 8.2% increase in EBIT to CHF78.9m (US$67.2m) after seeing annual sales rise 18.5% to CHF1.94bn. Net profit reached CHF59.1m in 2008, up from CHF56.6m a year earlier.
Bell said rising domestic volumes led to sales growth of CHF130m, while acquisitions generated sales growth of CHF90m.
Nevertheless, raw material prices rose 10.3% in 2008, leading gross margins to dip from 32.3% in 2007 to 31.5%.
Looking at 2009, Bell said raw material costs are stabilising but expected “no significant relief” on energy or other costs.
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By GlobalDataBell said consumer sentiment is Switzerland would be “restrained” and added that price competition would “intensify”.
