French food group Tipiak saw its net earnings rise in 2016 but its operating income slide despite higher sales.
Tipiak booked a net income of EUR5.1m, compared to EUR4.6m in 2015.
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However, the company’s operating income declined 3.7% to EUR7.8m.
Tipiak pointed to the prices of some of its raw materials, which it said “stayed at historically high levels”.
The business posted its annual sales in January. Tipiak’s sales were up 2.6% in 2016 at EUR197.6m, with growth from its dried and frozen goods. However, the rate at which Tipiak’s top line grew was slower than in 2015 when its sales rose 3.6% year-on-year.
The company’s frozen division saw its sales grow 3.3% in 2016 to EUR122.8m. Sales from Tipiak’s dried foods business rose 1.5% to EUR75m.
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By GlobalDataThe group pointed to a 10.3% jump in sales of its Tipiak-branded products in France’s supermarket sector.
In total, sales of products sold under the Tipiak brand across all channels accounted for 59% of the company’s turnover in 2016, up three points on 2016.
