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Ter Beke Shows Satisfying Results

24 February 2009

BELGIUM - The Belgian meat processing company Ter Beke Group claims to have achieved "satisfying results" in difficult market conditions according to the recently published annual results.

Turnover increased by 7.2 per cent from €366.7 million to €393.2 million EUR, mainly as a result of the September 2007 acquisition of Berkhout.

EBITDA increased by two per cent from €29.3 million to €29.9 million, which the company said was lower than the turnover increase mainly as a result of rising raw material prices of approximately €4.6 million, which could not be passed on and the decrease in the value of the British pound, which hit EBITDA to the tune of €1.1 million.

TThe company saw a profit of €4.9 million, including the effects tax on non-current items.

Earnings after taxes reached €7.6 millioncompared to €6.1 million in 2007.

The Processed Meats Division TerBeke-Pluma saw a turnover increase of 11.1 per cent, mainly as a result of the September 2007 acquisition of Berkhout.

There was also continued growth in pre-packed processed meats.

The Ready Meals Division, FreshMeals, saw continued improvement in profitability and the section is to reorganisation its production activities in France.

"In 2009, the group will continue to work on improving the profitability of its activities, both in the processed meats division TerBeke-Pluma and in the ready meals division FreshMeals. Ter Beke will also continue to invest in its Come a Casa brand and will continue to build a relationship of trust with its customers and the consumer," the company said.

TheMeatSite News Desk

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