Europe's organic food producer Royal Wessanen NV (KJWNY.PK) posted an increase in its earnings for the first quarter, on the back of a modest rise in revenue. The group also announced the acquisition of French-based organic and fair-trade food company France Alter Eco.
For the quarter, the group said its net result attributable to equity holders rose to 5.1 million euros from 1.7 million euros, while earnings per share improved to 0.07 euros from 0.02 euros last year.
Normalised EBIT showed a significant increase to 9.3 million euros from 2.9 million euros last year.
First-quarter revenue rose 1.1 percent to 172.5 million euros. There was no currency effect, while last year's addition of Clipper contributed 2.2 percent, the group reported.
In a separate communique, Wessanen said it is acquiring French-based organic and fair-trade food company France Alter Eco from a group of private investors. The acquisition is expected to be closed early June, subject to certain closing conditions.
The acquired business, which is engaged in organic and fair trade products such as chocolate, coffee, tea and juices, does not include activities in North America.
Upon completion, France Alter Eco will be a part of Distriborg, the French-based operations of Wessanen.
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by RTT Staff Writer
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