The consolidated turnover amounted to €58.82m in the first six months, marking a fall of 2.7% on the same period last year. In terms of group turnover, the coffee service and plastic packaging business units accounted for 46% and 54% respectively of group turnover, with roughly 74% of it being generated abroad.
The turnover for the coffee service business was on a par with the previous year. This position was achieved in spite of the average exchange rate for sterling, being 13% lower in the first half of 2009 than during the same period last year. In Germany and France, Miko managed to post growth rates of 15.8% and 6% respectively.
The plastic packaging business saw its turnover fall by 4.7%. This drop is linked to the fact that selling prices are linked to commodity costs, the trend being downwards during this period. The production centre in Poland achieved a growth rate of almost 50%. The current fine summer resulted in an increase in demand from Germany for ice cream tubs.
The group’s operating profit increased by 31.1% to €5.90m. The operating cash flow also rose by 12.8% to €9.52m. The net profit was €4.20m, marking a 36.2% increase. Under the IFRS criteria, the operating result and operating cash flow for the coffee service business rose by 7% and 0.3% respectively. As a result of a more selective investment policy, a higher yield has been achieved from the investments made.
The operating profit and operating cash flow for the plastic packaging business rose by 42.6% and 18.7% respectively. This dramatic jump in results largely comes from Poland, where the strong surge in sales to Germany, already mentioned earlier, contributed significantly to the good result, not to mention also the Polish zloty’s favourable low exchange rate. The company has also achieved greater efficiency through building expansion and investments in highly modernised equipment.
Source: Miko
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