Danish Crown increases profits despite challenges in Europe

By Aaron McDonald

- Last updated on GMT

Net profit came in at DKK852m
Net profit came in at DKK852m

Related tags: Danish crown, Generally accepted accounting principles, Poland, Beef, Pork

Profits at Danish Crown have increased by 28% in the first half of the 2014/15 financial year, due in part to the takeover of the remaining 50% of leading Polish meat producer Sokołów last year.

The group saw revenue increase by DKK1 billion (€134m) to reach DKK29.2bn (€3.9bn) over the period, compared with the same period last year. Organic growth of 4% also played its part in the increase in operating profit, which stood at DKK1.1bn (€148.6m)

Net profit came in at DKK852m (€114.30m). The group said that "substantial contributions"​ had been made by all its business arms, including DC Fresh Meat and DC Foods, while continuous investments in foreign companies were beginning to prove their worth.

Flemming N Enevoldsen, CEO of DC Foods, said: "Sokołów is already a very strong brand in Poland. Following the takeover of the other half of the company, it is seriously contributing to Danish Crown’s bottom line – even at a time when Poland is also hard hit by the situation in the Russian market. At the same time, full ownership is also benefiting product development across the borders, thereby creating new synergies."

Looking to the rest of the fiscal year, Kjeld Johannesen, group CEO, said: "Ours is an industry with very considerable seasonal fluctuations, but we are used to that. The positive results for the first half are therefore good news for the full-year results."

Related topics: Meat

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