Increased profitability in 2010 for Rieber & Son

Rieber & Son increased the profitability by 29 million Norwegian kroner in 2010. ‘I am very satisfied by the fact that we are reaching the targets we have set', comments CEO Patrik Andersson, reports www.megafishnet.com with reference to Rieber & Son.

The operating profit ended on 453 million Norwegian kroner, up from NOK 424m last year. Patrik Andersson highlights earnings per share as an important measure for the progress:

‘Our target for 2010 was an EPS of NOK 3.65 after ending up on 3.32 the year before. Today we can present a result of 3.91, a growth of 18% in 2010. That is a result we can be proud of'.

Sales in 2010 fell by 8.5% from just over NOK 4.9 billion to just over NOK 4.5 billion.

Patrik Andersson explains: ‘The main reason for the decrease in sales is that we sold several operations in 2010. Amongst others, the demerger of King Oscar had a negative effect on sales. Although I would have liked higher sales in 2010, the key point is that we increase profitability.'

Patrik Andersson wishes for higher speed in the market in 2011, and remains optimistic as two of the business units with a lapse in sales last year, Rieber & Søn Food Service and Rieber & Søn Czech, both report of a strong fourth quarter:

‘On the other hand we experience incoming price growth as prices on raw materials continue to increase. As a result, we have to increase our prices into the market.'

The divestments have given a strong balance sheet, high cash flow and low debts in Rieber & Søn. As a result, the Board of Directors will ask the General Assembly to approve an extraordinary dividend of NOK 5 on top of an ordinary dividend of NOK 2.