Hain Celestial, the US food group, has booked an increase in full-year profits thanks to “record” sales in the period.
Hain recorded net sales of US$2.15bn in the 12 months, a 24% increase on the prior year. During the fiscal year, Hain completed two acquisitions – Tilda and Rudi’s Organic Bakery. The company also sold the non-core Grains Noirs foodservice business in Belgium.
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Higher sales and the realisation of $50m in global productivity savings drove profit gains. Operating income was up 30.4% to $227.7m while net profit rose 22% to $139m.
President and CEO Irwin Simon commented: “Our business continues to benefit from strong growth trends in the organic and natural, better-for-you segment of consumer packaged goods as more consumers and retailers seek out our products. The success of our initiatives to drive profitable sales growth through distribution gains, strategic brand investments, new product innovation and accretive strategic acquisitions in complementary growth categories and geographies has positioned the company with a solid foundation to capitalise on the tremendous opportunities in front of us.”
Looking to fiscal 2015, Hain said it expects to grow sales by 27-30% year-on-year, while earnings are expected to increase 17-23%.
Hain Celestial shares were up 9.24% at 13.39 ET.
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