Dutch organic food producer Koninklijke Wessanen NV reported a better-than-expected profit for the second quarter as consumers continue to shift towards natural foods and healthier eating.
- Earnings also benefitted from the full integration of Piramide Tea and Destination Tea owner IneoBio, acquired earlier this year.
- “More and more consumers want to change to healthier and more sustainable food and we are well placed to benefit from this long term trend,” Chief Executive Christophe Barnouin said.
- The company’s second quarter profit more than doubled to 7.2 million euros, beating Reuters Poll estimates of 5.2 million euros. (bit.ly/2aaRsTm)
- Wessanen, which expects its full-year earnings before interest taxes and exceptional items (EBITE) margin to be above the 6.6 pct achieved in 2015, reported an EBITE margin of 8.8 pct for the first half of the year.
- Revenue for the quarter rose 8.5 percent to 142.7 million euros, almost in line with analysts’ estimates.
- For the rest of the year, Wessanen expects its own brands to maintain high single digit growth, but private label sales are anticipated to fall.
Originally published by Reuters – reporting by Wout Vergauwen and Jochen Elegeert; editing by Thyagaraju Adinarayan.
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