Finnish food group Raisio warned this morning (11 February) that its plans for growth over the next two years will mean the company will miss its profit targets in 2010.
Raisio, which yesterday made an offer to buy UK snacks firm Glisten, said it would move into “a growth phase” in 2010 and 2011, which would lead to a “significant increase” in sales – but would mean the company falls short of its EBIT targets.
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“The target EBIT of 10% for the brands division and 5% for the B2B division will not yet be achieved in 2010,” Raisio said.
The Benecol brand owner today published its annual results for 2009 and recorded a rise in underlying EBIT from EUR20.2m (US$27.9m) in 2008 to EUR20.5m in the last 12 months. Underlying sales, however, fell from EUR463.2m to EUR375.9m.
CEO Matti Rihko called the 2009 EBIT result “very good” and praised the group’s B2B business. He said Raisio’s “main target” in 2010 was to increase its net sales.
“This will be sought through organic growth in the home market and through acquisitions in Europe,” Rihko said.
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