Turnhout, 7 May 2008 – Miko, the Euronext by Eurolist Brussels listed specialist in coffee service and plastic packaging, confirms that its turnover has increased by over 10 %. However, the results during the first quarter have been dampened by the takeover of Grispa nv, the drop in the value of sterling and the volatility of the raw materials markets.
Turnover rose during the first quarter by more than 10 %, thanks to in particular the major contracts won by Miko Café Service in France at the end of 2007, as well as an increase in sales from the company’s Polish plastics subsidiary MPC-MCO to other Central European countries.
There has been a decline in terms of results. As has already been mentioned in previous publications, a number of factors are contributing to this:
- In February, Miko acquired the heavy loss-making Grispa nv. This is a company located in Houthalen (Belgium) which manufactures plastic dishes for the food industry. Its losses will impact on the group results for some time yet.
- Sterling is well down against the euro. Miko Coffee Ltd in the UK is a major part of the group. In order to protect its share of the market, sales prices have not been raised, which has resulted in a reduced margin.
- The raw materials markets remain volatile. The high prices for oil derivates, which are vital for the plastics processing division, can only be passed on with a certain delay.
As Frans Michielsen, Miko’s general manager and CEO explains: “The first quarter has certainly been a bit turbulent. But we still have quite a few other irons in the fire. One of these is the continuing success of our new sustainable coffee “Puro”, plus a number of major plastics projects that we landed in 2007, which will start to generate a return in 2008. Our expectations remain positive.”