Swiss dairy company Emmi has announced ‘disappointing’ sales results for the first half of 2017, citing Brexit and weakness in the Great British pound as the main catalysts.
The makers of Onken yogurt posted what the company is calling ‘stable earnings’, but admit sales disappointment as the company generated CHF 1.6 billion ($1.65 billion), a slight increase of 0.4% during the same period as last year.
Urs Riedener, chief executive officer of Emmi, said: “The half-year sales reflect the challenging economic environment, including a contracting retail business and increasing cheese imports in the business division Switzerland, while Brexit and modest cheese exports impacted on the business division Europe.
“However, many markets outside Europe performed reasonably well.”
In its Europe division, the company generated sales of CHF 259 million ($267 million), up from CHF 255 million last year, while in the firm’s America division it generated a sales income of CHF 442 million ($456 million), up from CHF 416 million in the corresponding period.
The company believes that it is on target for earnings in its 2017 year-end results.
This news comes after the company sold Venchiaredo to move focus in Italy away from cheese, in July.
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