Italian food processing company Conserve Italia has said that it reported a turnover of €900 million (+1% year-on-year) and a profit of €3.7 million in full year 2016.
The growth in sales was the result of the positive performance of its foreign subsidiaries, which saw 10.3% sales growth, news portal Ansa reported.
Investments in the period amounted to €48 million (+20%), mostly for brand promotion and efficiency improvements.
Regional Performance
In Italy, Conserve Italia registered a profit of €5 million, despite a slight contraction in sales, while Spanish subsidiary Juver Alimentación significantly improved its performance over the previous year, following a rebalancing of costs.
Conserves France also saw a significant revenue recovery, driven by major growth for the Cirio branded tomato and vegetable products supplied to large French retailers. Investments amounted to around €48 million, mainly in support of the major brands.
According to Chairman Maurizio Gardini, the positive result was achieved despite some extraordinary negative events such as Brexit, and the unfavourable climate of the summer 2016.
Conserve Italia consists of 14,000 agricultural producers and produces about 570,000 tonnes of fruit, tomatoes and vegetables, which are processed in 12 production plants. The company exports its products to more than 80 countries. Its main brands are Yoga, Valfrutta, Derby Blu and Cirio.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: The European Supermarket Magazine
