Cereal giant Kellogg's has posted an 11.3% decline in turnover in its Irish operations in full-year 2017.
According to accounts filed at Ireland's Companies Registration Office, the group posted turnover of €50.89 million in the year to 30 December, which is down from the €57.4 million it reported the previous year.
Operating profit was also down at the business, registering a 5.7% drop to €1.24 million (2016: €1.31 million).
Commenting on its performance, the directors said that 'both key performance indicators, while in line with expectations, were disappointing, reflecting the challenging environment in which the company operates'.
The group identified the key risks facing the business as exposure to currency fluctuations affecting pricing and the competitive market environment affecting turnover.
'Competition in the Irish fast moving consumer goods environment remains challenging, however the company remains committed to enhancing its customer and consumer relationships,' the directors noted.
'The company believes that its philosophy of striving for excellence and value for money in every aspect of its business will continue to prove successful in such an environment in the long term. The directors expect the current level of business to be sustainable'.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine