Barry Callebaut: chocolate stock pretty tasteless on results
(CercleFinance.com) - Shares in chocolate maker Barry Callebaut were little changed in Zurich on Wednesday following the announcement of its H1 results and the arrival of a new chief executive.
On Wednesday the company, which sells cocoa-based products, reported a 7.9% increase in sales to 4.18 billion Swiss francs for H1 2022/2023, ended on 28 February.
The Swiss group said it had benefited from the strength of raw material prices and the inflationary environment, which enabled it to raise its prices.
However, sales volumes fell 2.9% to 1.13 million tonnes.
Net profit rose by over 10% to 234.3 million Swiss francs, with EBIT up 6.7% to 348 million Swiss francs.
The group said that it was now targeting volume growth of 0% to 5% for 2022/23, together with an improvement in operating profit.
Following these announcements, the share price of the world's leading chocolate maker was up just 0.1% on Wednesday morning, in a Swiss stock market that was also pretty flat.
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