UK fresh prepared foods maker Geest has reported 2002 sales up 15% year-on-year to £762.0m (US$1.2bn).
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The company reported 2002 profit before interest and tax of £44.3m, a 2% increase from 2001. Geest’s 2002 EBITDA grew 10% year-on-year to £73.9m.
The company said its capital expenditure was £47m in 2002 and it is on track to spend £50m in 2003, reflecting continuing opportunities in Geest’s markets.
Geest said its acquisition of Crudi since the year end strengthens its leafy salads business in France and allows opportunities in Spain.
“As we had previously indicated, 2002 was not without its issues for Geest. Nevertheless, we continued to see good sales growth reflecting strong consumer demand for fresh prepared foods in the UK and elsewhere in Europe, alongside a step jump in our whole head produce business. In addition, under our new chief executive, we have taken a number of actions to improve the delivery of our strategy to ensure the sound future development of the group,” Geest’s chairman, Sir John Banham said.
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By GlobalData“We remain focused on the fresh prepared food market where growth, currently running at 9% in the UK, will easily outstrip that for the food sector as a whole.”
