Chips chipper

- Last updated on GMT

Related tags: Operating profit, Generally accepted accounting principles, Finland, Sweden

Chips has announced first-half profits of €5.5 million. Operating
profit increased by 22 per cent to €12.9 million, and profit before
taxes and minority share totalled €13.1 million.

Scandinavian snack giant Chips has announced first-half profits of €5.5 million. Operating profit increased by 22 per cent to €12.9 million, and profit before taxes and minority share totalled €13.1 million.

The snacks sector proved especially robust. Results in Sweden and Finland improved greatly after last year's downturn as a consequence of the acrylamide alarm.

In total, the snacks side of the business saw sales increase by 16 per cent to €106 million.

However, the group's recorded net profit was lower than last year as a result of a decrease in one-off sales profits and a drop in dividend income from shares.

In contrast to the snacks sector, the group's food business saw operating profit decrease, mainly as a result of lower export sales.

The group has also made a number of recent acquisitions, including the Russian Snack Company in Russia, Parrots AB in Sweden and Parrots in Finland. These have all been included in the consolidated accounts from their respective times of acquisition.

Interestingly, the operating profit for the new units has only marginally affected the group's result for the accounting period.

Efforts at expansion within the group continue, partly through development of new products and concepts and partly through increased geographical market cover.

Related topics: Markets

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