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Mixed Interim Results at Lotus Bakeries

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Mixed Interim Results at Lotus Bakeries

August 31
13:22 2010

Belgium-based biscuits and cakes manufacturer Lotus Bakeries increased current operating profit by 8.8% to Eur17.5m in the first half of 2010 as consolidated turnover edged up 1% to Eur127.2m. On a like-for-like basis, taking into account the termination of the Jaffa Cake bars contract with McVities, turnover for the first half of 2010 was up 2% over the same period in 2009, and slightly more for the branded products.

However, net profit for the first half of 2010 was Eur9.5m against Eur12.2m in the corresponding period in 2009. The first half of 2010 was adversely impacted by write-downs of US dollar hedging instruments while the first half of 2009 figure was boosted by an exceptional gain from a disposal.

Employing 1,220 people, Lotus Bakeries operates production facilities in Belgium, the Netherlands, France, Sweden and Canada, along with its own sales organisations in nine European countries and in North America.

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