UK snack firm United Biscuits has admitted its margins dipped in 2008 as the McVitie’s maker reported “modest” profit growth.
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The company said its margins for 2008 stood at 16.3% as commodity and raw material costs bit into earnings.
UB said “business profits” – defined as the profit and loss before joint ventures, taxes, financing, exceptional operating items, depreciation and amortisation costs – was up 3.2% at GBP196.4m (US$310.3m). Revenue rose 5.2% to GBP1.2bn.
The 2008 numbers are the most recent financial figures published by the private-equity owned business.
The company has issued a brief update covering the first half of 2009 and claimed it made a “good start” to the current calendar year.
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By GlobalData“UB remains confident that it cancontinue to build upon this solid first half performance through the remainder of the year and beyond,” the McCoy’s crisp maker said.
