CEO Leif Bergvall Hansen comments on the second quarter

August 22, 2018

The Group’s net sales increased strongly in the second quarter as a result of the acquisition of Manor Farm, strong organic growth and exchange rate effects. Net sales increased by 10 percent pro forma to MSEK 2,252 compared to the second quarter 2017, and by 5 percent adjusted for exchange rate effects. All countries contributed to the increase.

Adjusted operating profit amounted to MSEK 90 compared to MSEK 91 pro forma in the second quarter 2017, corresponding to a margin of 4.0 (4.4 pro forma) percent. Although both Norway and Ireland performed well, and Finland reported a continued improvement, the margin was negatively affected by a less favourable price/mix, primarily in Sweden as well as by higher raw material costs and marketing investments in Denmark.

The share of value-added products of total net sales increased significantly compared to the second quarter 2017 pro forma. Chilled products grew by 4 percent pro forma and ready-to-eat products by 16 percent pro forma. Sales in the retail channel increased by 7 percent pro forma and net sales in the food-service channel rose by 12 percent pro forma.

Please, see the interim report, second quarter 2018.