Reykjavik / IS. (bk) This week Agust Gudmundsson, Chief Executive Officer of the Icelandic Bakkavör Group, commented the group´s results for fiscal Q1/2008 as follows: «The Q1 results are disappointing. They are impacted by the continued tough trading conditions with further increases in raw material costs compounded by currency pressures. In addition, United Kingdom sales and performance were also heavily affected by the restructuring of our ready meals operations that we started last year, but which we expect to deliver long-term benefits. The current economic climate is also believed to have affected sales volumes in the United Kingdom fresh prepared foods market in Q1. Although we believe that 2008 will remain challenging, we expect to return to sales growth in the United Kingdom in the second half of the year. In Continental Europe sales were strong, growing nine percent year-on-year and performance in Asia remained robust. We see significant opportunities outside the United Kingdom and remain focused on our expansion in Continental Europe, Asia and the United States to ensure the future growth of the Group. Reflecting this commitment, we have acquired five businesses this year to date, in China, Hong Kong, Italy, and the United States. Furthermore, we announced that we have an economic interest in 10,9 percent shareholding in Greencore Group PLC. We view this as a strategic holding that meets our business philosophy and clearly reflects our commitment to the fresh prepared foods sector» (press release).
OTHER TOPICS FROM THIS SECTION FOR YOU:
- SSP Group: announces Third Quarter Trading Update 2024
- LG Chem and ADM: Joint Ventures in Illinois are canceled
- Wendy’s: Company plans to expand into Europe
- Delivery Hero: may face significant fine due to antitrust violations
- Emmi Group: intends to acquire Mademoiselle Desserts
- AB Foods: announces strong H1-2024 performance
- DSM-Firmenich: Queen Maxima inaugurates new dual head office
- RBI: Announces Investments to Drive Growth in China
- Europastry S.A.: puts its IPO process on hold
- McCormick: Reports Second Quarter Performance
- Reborn Coffee: Closes Master License Agreement for UAE
- General Mills: Reports Fiscal 2024 Fourth-Quarter Results
- SunOpta expands plant for processing plant-based beverages
- Britannia: Operating profit grew 10 percent in FY-2023
- Tate + Lyle and CP Kelco to merge to leading global player
- Ülker Bisküvi: announces Q1-2024 financial results
- Europastry: intends to go public on the Spanish stock exchange
- Europastry S.A.: publishes 2023 Annual Report
- Swisslog: announces new Americas region headquarters
- Reborn Coffee: Expanding Omni-Channel Strategy