21 March 2008 – Cheese group Bel, maker of the Laughing Cow, Kiri and Leerdammer, recorded its best ever profits in 2007 thanks to a good performance from its international operations and to the various price increases which the company implemented during the year.
Bel saw its turnover rise 10.6% to reach €2 billion, whilst its net results jumped 19.90% to €95.2 million, four times their 2003 value.
Just like rivals Lactalis and Bongrain, Bel made a profit (€5.4 million) on its raw material sales for the first time thanks to a global surge in raw material costs, but its own procurement costs increased by €40 million, causing its operational results to increase by a lesser rate than in past years (5.9%).
Bel’s cheese operations recorded an 8.5% increase in turnover, a "satisfactory" progression, according to a press release. The group’s other operations accounted for 10% of Bel’s turnover, up 37.2% on 2006.
"Our results were boosted by our international operations," Bel CEO Gérard Boivin was quoted as saying. Ukraine’s Sostka and Iran’s Sahar Dairy, which Bel acquired during the first half of 2007, accounted for 3.2% or €56.3 million of the group’s turnover.
The group is optimistic in its 2008 outlook, in spite of volatile raw material prices, and plans yet more acquisitions abroad.
As for Boursin, which Bel acquired off Unilever in January 2008, the group now intends to grow it into a successful international brand.