Highlights and developments H1 2017
- Performance in the first six months improved in three out of four segments versus prior year. Both Spices & Nuts and Tea realized higher sales at stable margins. Food Ingredients achieved stable sales at higher margins. Edible Seeds reported higher sales at lower margins.
- Food commodity prices were very volatile with major price swings upward in nuts, and downward in spices. Edible seed prices declined resulting in pressure on maintaining absolute margins. Tea prices remained at higher than expected levels in Sri Lanka and Africa.
- On 25 January 2017, the Group’s working capital bank facilities were extended for another three years with the option for two additional years, at improved terms.
- On 5 May 2017 the acquisition of nuts trader Delinuts, based in Ede, the Netherlands, was completed. Delinuts offers a wide range of nuts and dried fruits to wholesale and retail customers, the food industry and the out-of-home channel. Acomo’s new subsidiary complements the existing activities of group companies in nuts and dried fruits.
Over the first six months of 2017, the consolidated sales recorded by Amsterdam Commodities N.V. (Acomo) increased by 4% to € 354.2 million (H1 2016: € 341.8 million), partly caused by the consolidation of Delinuts (€ 10.8 million). The total gross margin increased by 7% due to Delinuts, and a higher share of value-added products (e.g. SunButter®). Personnel and general costs increased due to Delinuts, and increased processing costs in the US.
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