French food group Fleury Michon booked mixed results for 2014, with operating earnings down but net income and sales increasing in the period.
The company revealed operating income fell to EUR28.6m (US$30.7m), down from EUR32.2m in 2013. Operating earnings were hit by margin contraction in the first half but Fleury Michon said margins rebounded in the back end of the year.
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Net earnings totalled EUR17.9m compared to EUR16.2m in 2013. The bottom line was boosted by debt reduction and financial restructuring as well as a higher income from joint ventures in Spain and Italy.
Sales in the year rose 1.3% to reach EUR707.1m.
The company said it has made a “dynamic” start to the year, with first-quarter sales increasing 8.4%.
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