Bakery giant Hiestand Group has reported a leap in first-quarter revenues thanks to a first-time contribution from a recent acquisition in Germany.
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The Swiss group said today (11 April) that sales leapt by 46.4% to CHF112.7m (US$92.5m) during the first three months of the year. On an organic basis, Hiestand said sales rose by 14.5%.
The company, which has operations in seven countries including Germany, Japan and the UK, said sales in Europe jumped almost 49% thanks to its Fricopan business, which it bought last October. Sales in Asia rose 11.6%, Hiestand added.
Hiestand is targeting sales growth of 8-10% this year and wants to achieve annual sales of CHF1bn by 2010.
CEO Wolfgang Werlé said: “The Fricopan acquisition has taken us a decisive step closer towards one billion of sales. Our finances remain strong. This will allow us to continue growing organically as well as considering acquisitions.”
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By GlobalDataThe baker also reported financial figures for 2006 with operating profit jumping 14% last year to CHF52.1m. Sales rose by 14.8% to CHF516.1m.
Werlé will be replaced as CEO next month when he takes the role of chairman of the Hiestand board. He will succeed Albert Abderhalden, who has spent 35 years with Hiestand, as chairman. Urs Jordi will become chief executive.
