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Provimi shows 16.6% more sales in 2007

The Provimi Group has updated the market on its full year 2007 results. Sales increased to €1,918.5 million, an increase of 16.6% compared to 2006.

The company showed particular good organic growth in Poland and in Rest of the World (see Table). The sales increase was largely due to higher selling prices caused by increased raw material costs, which reduced operating margins. Less favourable exchange rates had a negative impact of €13.3 million.

Revenues (1)

(in EUR million)

31/12/

2007

31/12/

2006

Change

France

192.6

154.9

+24.3%

Poland

405.3

347.0

+16.8%

Rest of Europe

823.0

730.8

+12.6%

North America

280.7

228.9

+22.6%

Rest of the world

216.9

184.0

+17.9%

Total

1,918.5

1,645.6

+16.6%

(1) Sales are excluding the discontinued fish feed operations, which had 2007 sales of €155. 8 million (2006: €177.6 million).

Disposal of the fish feed activities
The disposal of the fish feed activities in Spain, Denmark and Chile to Biomar (Denmark) was completed on 31 January 2008. Sales of the discontinued activities amounted to €155.8 million in 2007 (2006: €177.6 million).

High raw material prices
The continued sharp increase in raw material prices throughout 2007 will reduce operating margins for the full year. This particularly impacted the Pet food business where price contracts with customers cover a longer period. Head Office costs are increasing over the previous year as a result of various key initiatives being implemented across the Group. These will, together with restructuring charges and higher financial expenses, negatively impact the Group's financial performance for the year.

The full year results will be published on 19 March 2008 after market closing.

Related website:
Provimi  

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