Norwegian food company Orkla has posted 4.8% year-on-year growth in operating revenues, to NOK 10,176 million (€1,035.8 million) in the first quarter of its financial year.
Growth was driven by good performance in its branded consumer goods business and Hydro Power.
Operating profit was up 10% in the branded consumer goods business, Orkla reported. Adjusted earnings per share rose by 21%, to NOK 0.85 (€0.087).
Divisional Performance
The company’s organic sales grew by 0.9%, with Orkla Foods witnessing growth in most of its markets, while Orkla Confectionery and Snacks saw improved performance in Norway, Finland and Denmark.
Orkla Food Ingredients saw an early start to the ice-cream season and reported 5% growth in operating revenues in the quarter.
Orkla Care’s operating profit was on a par with last year’s results, but top-line growth remained weak, the company reported.
Outlook
Orkla President and CEO Peter A. Ruzicka said, “Orkla has had an encouraging first quarter, with improvement in operating profit and organic growth. We are now well under way with our new strategy period, and our short-term focus will be on improving operating margin.”
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.
