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October 24, 2014

Wessanen sees sales and earnings gains

Dutch food group Wessanen booked higher sales and earnings for the first nine months of the year this morning (24 October).

Dutch food group Wessanen booked higher sales and earnings for the first nine months of the year this morning (24 October).

Releasing its financial update for the period, Wessanen revealed sales grew 6.5% on the year, climbing to EUR325.3m (US$411.5m). The company said product launches and increased distribution contributed to continued sales growth of its own brands in the third quarter.

Operating profit was up 40% climbing from EUR15.4m to EUR21.6m in the nine months. The Dutch company said its profit profile benefited from “increased profitability at continuing operations and a lower profitability at discontinued operations”. The company has been stepping back from lower margin businesses such as its ABC and Bio-Distrifrais units.

Net profit, excluding discontinued operations, rose to EUR4.2m, up from EUR2.9m. Total net profit attributable to shareholders of Wessanen rose to EUR51.7m from EUR7.6m boosted by disposals and discontinued operations.

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