The group reported pre-tax profit up 12.8% to Euro 180.3 million in the first half versus Euro 159.9 million in the same period last year on sales on net sales growth of 3.5%. The company reported 6.1% growth in sales of fish products, 5.4% sales growth in poultry products and a 1% decline in vegetable product sales. But nothing was said about rumors that surfaced in Germany about another attempt to sell the company.
Iglo's popular UK brands include Takeaway Treats Poultry, a takeaway style snacking product, which included Classic Crumb Chicken Goujons. This second quarter launch delivered Euro 6 million in sales during the period. Similarly, the first quarter launch of Fish Fusions had added to an already popular new range, catering to the consumer trend of convenient and healthy dining in. In the battered fish category, a co-branded line with Harry Ramsden's fish & chips restaurants had been launched.
Growth in the UK was also driven by strong performances in other core categories, including Rice Fusions and poultry. The UK Baked to Perfection range has been exported to Italy, Iglo said, and has delivered strong performance there, particularly the Sea Bass recipe. The group continues to explore further opportunities to take successful products and introduce them to markets outside the UK, it added.
"The first half of 2012 has seen several new product launches which have delivered strong performance in their respective markets," said Martin Glenn, Iglo Group chief executive. "In particular, our innovative fish portfolio delivered strong year-on-year growth in Italy, demonstrating our ability to deliver revenue synergies from acquisitions. We are now investing in the business at record levels and up-scaling our core product production capabilities. While we expect markets in the second half of the year to remain challenging, we remain on track to deliver full-year core category sales growth."
A turnaround in France continued with strong sales and share growth thanks to stellar performance in fish and poultry. In Germany, the group extended its range of innovative vegetable products with the introduction of Spinach Fingers and Vegetable Nuggets, both of which were performing well, it added. Turkey and Russia both continued to experience rapid growth albeit from a small base, supported by continued investment in advertising and promotion. Iglo remains the brand leader of fish fingers in the key areas of Moscow and St Petersburg.
