Barry Callebaut AG, the world's largest maker of chocolate products, reported better-than-expected sales for the year and said it had "an especially vibrant fourth quarter" despite the difficult environment in Europe.
The group, which makes chocolate for groups such as Nestle SA and The Hershey Co, said sales volume growth rose to 8.7 percent in the 12 months to Aug. 31, compared with average analyst forecasts for an increase of 7.8 percent.
Barry Callebaut, which provides the food manufacturing industry with cocoa and chocolate products, coatings and cocoa powders, renewed its financial targets of 6-8 percent average volume growth and earnings before interest and tax (EBIT) at least in line with that through to 2014/15.
Europe's economic crisis is nibbling away at demand for chocolate, a treat once thought of as recession proof.
Market researcher Mintel said that while the global chocolate market value will be little changed on the year at $84.5 billion in 2012, western Europe's chocolate market value is set to fall by around 5 percent.
But Barry Callebaut said its growth was significantly higher than the global chocolate market and sales volumes even grew 6.9 percent in Europe despite challenging conditions in southern Europe as eastern Europe performed well.
"Thanks to an especially vibrant fourth quarter, we were even able to accelerate our pace. Overall business activity remained solid both in developed and emerging markets," Chief Executive Juergen Steinemann said in a statement.
Barry Callebaut has signed a number of new outsourcing deals this year, including supplying the world's third largest consumer good's group, Unilever, with 70 percent of its global cocoa and chocolate needs.
Net profit fell 8.5 percent to 241 million Swiss francs ($255.38 million), compared with a poll of analysts for 239 million francs.
