Hügli, the Swiss food group, today [Thursday] reported 2001 sales up 7.2% to SFr192.7m (US$114.9m). Strong currency rates held back the rate of growth, the group said.

The weakness of the euro in comparison with the Swiss franc negatively impacted sales growth, as some three-quarters of sales are generated in the European Union. Profits are expected to be in line with 2000 (SFr9.1m).

The weak euro and “high investment in market development” depressed 2001 earnings, notably in the second half, the company stated. The future looks brighter, however, the company said, going into 2002 and beyond.

Hügli produces culinary goods including soups, sauces, seasonings and frozen foods.