CEO Leif Bergvall Hansen comments on the first quarter
The Group’s net sales increased strongly in the quarter driven by the acquisition of Manor Farm, the leading chicken producer in the Republic of Ireland, and good organic growth. Investments in product development continued and we launched a number of new, innovative products. The Group strengthened its position in all our home markets.
The operations in Denmark and Finland both generated strong growth, while net sales were unchanged in Sweden and declined in Norway. Net sales for Manor Farm increased by 10 percent pro forma. Including Manor Farm, the Group’s net sales for the quarter increased by 5 percent pro forma to MSEK 2,116.
The adjusted operating margin was largely unchanged in Denmark and Norway, but declined in Sweden. The margin in Finland improved and we took another step towards reaching break even. Manor Farm achieved an increase in adjusted operating income of 25 percent pro forma, corresponding to a margin of 4.3 percent. Including Manor Farm, the adjusted operating income for the Group increased by 7 percent pro forma to MSEK 80.