French baked goods group Brioche Pasquier has reported turnover of €478.8 million for 2002, an increase of 9.7 per cent on the previous year.
The company said that operating profit increased by 6.2 per cent to €42.8 million, while pre-tax profits rose from €37.7 million to €39.6 million. Net profits, however, were lower than in the previous year at €24.7 million, compared to €32 million in 2002.
Pasquier said that the year had been marked by investments of €62 million, mainly in its production facility in Châtelet-en-Brie which was destroyed by fire last year. Further investments are planned for this year, not only in the Châtelet plant but also in increased advertising and European expansion.
Europe is playing an increasingly large role in the results of the bakery group, with 11 per cent of turnover now coming from outside France.
"The quality and freshness of our products have been well received by our European neighbours, which supports our expansion strategy. Our business model ahs been shown to work in other European countries and we are convinced that the Brioche Pasquier brand will become increasingly widespread throughout the continent," the company said in a statement.
The company said it expected turnover in 2003 to be around €520 million and net profit to be approximately €30 million. The French market is expected to show growth of around 5 per cent, but the company is hoping to exceed this with sales progressing by around 8 per cent.