net profit €17.7 million
up by 47%
Sales during Q2 amounted to € 235 million, an increase of 6.1% over the
Sales for the first six months of the year came to € 346.9 million,
representing organic growth of 6.3% over last year.
EBITDA for Q2 came to € 34.7 million and EBITDA for the first six months
came to € 38.3 million, an increase of 20% over last year.
Profit after tax was € 19.4 million for Q2 and € 17.7 million for the
first six months of the financial year, representing an increase of 47% over
The acquisition of the French shell fish company Adrimex has been
finalised. The enterprise value is € 21.2 million.
The raw material price of salmon seems to be stabilizing. The volume of
salmon expected to reach harvesting size late in 2007 is about 32% greater than
the corresponding figure for last year.
In the light of its reduced leverage, the Company is examining the
possibility of refinancing the Group in the coming months.
Govare, CEO-President of Alfesca:
“The second quarter of the financial year is by far
the most important in terms of securing good results for the year as a whole.
On behalf of Alfesca, I would like to express my great pleasure at the results
and the market share positions achieved by the Company. Both are better than we
expected and budgeted for.
It is clear that our strategy of focusing on four core
product categories – smoked fish, shellfish, regional speciality products and
spreadables – was the right one and is producing good returns for the Company
and its shareholders. The best indications of this are that we have continued
to expand our market share at the same time as raising the profit level of the Company.
We have just finalised the acquisition of the French shell
fish producer Adrimex. This acquisition immediately gives Alfesca the leading
position in the sale of chilled shellfish on the French market; the same
position as the Company already has in its key product categories in France and
in the shellfish sector in the UK. Now we must address ourselves to the task of
integrating the operations of Adrimex with those of Alfesca and consolidating