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French Tipiak's H1 Results Meet Forecasts Despite Soaring Raw Material Prices

Source: FLEXNEWS
04/08/2008

4 August 2008 – French food group Tipiak's results for the first half of 2008 met forecasts in spite of soaring raw material prices.

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Consolidated turnover rose 7.8% compared to the first half of 2007, reaching €68 million. Growth strengthened during the 2nd quarter in both the frozen and dry food segments, but was more marked in the latter.

Tipiak’s frozen food segment accounted for 59% of the group’s turnover, or €40.1 million, a 3.9% rise on year. The dry food segment accounted for the remaining €27.9 million in turnover, rising 14.1% on year. This strong growth is partly attributable to price rises introduced by Tipiak in a bid to absorb rocketing cereal and other raw material prices.

Tipiak maintains its growth targets for 2008, however results will remain largely dependent on consumer spending and fluctuating raw material and energy prices, the group said in a statement.





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