Geest, the UK-based prepared foods group, has got off to a good start in fiscal 2003.
Speaking yesterday at the company's AGM, chairman Sir John Banham said that trading in the current year was in line with expectations, reflecting sound growth across all the company's major business streams.
"In the UK, our customer-focused organisation is showing its worth and we have gained business with retailers in desserts, ready meals and salads. Our new acquisition, Crudi [a French salad maker], is operating profitably under our ownership and we have achieved new business with McDonald's both in the UK and France.
"Collectively, these sales gains will accelerate our momentum into the second half as they come on stream."
Banham said he was happy with the performance of the company's new pasta and bread business in the UK. "Our bakery business is now profitable and our pasta business is reducing its losses," he said.
He added that in the current year, Geest was expecting to continue its development in the fresh prepared foods sector. "Given our valuable customer and market positions, our efficiency programmes and lower start-up costs going forward, we are confident of our ability to make good returns.
"We expect these to be increasingly visible towards the end of the current year and particularly in 2004."