Tomato ketchup market leader here Heinz Ireland"squeezed" additional operating profits from its Irish business to increase to €5.72m last year despite inflationary pressures.
The directors state that the business in 2021"experienced higher than expected commodity prices largely due to inflationary pressures"."Although we take measures to mitigate the impact of this inflation through pricing actions and efficiency gains, if these measures are not effective our financial condition, operating results and cash flows could be materially adversely affected," they add.
The company's pre-tax profits declined by 19% from €5.94m to €4.79m due to interest costs rising sharply from €30,000 to €936,000.The directors state that the company increased its market share of mayonnaise in the Republic by 1.8%t to 8.3% while its market share of baked beans rose by 1.2% to 34.9%.
It'll be hard for their competitors to ketchup...
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Source: IrishTimesBiz - 🏆 6. / 77 Read more »
Source: IrishTimesBiz - 🏆 6. / 77 Read more »