Nestle digests sweet profits

23-08-2006

The world's largest food and beverage company, Nestle, has announced healthy profits of 6.1 billion Swiss francs (£2.6 billion) for the last six months.

Today's half-year results from the Vevey-based firm reveal that earnings have increased by almost 15 per cent compared to the corresponding period last year.

Total sales were up 11 per cent to 47.1 billion Swiss francs (£20.2 billion), which Nestle has attributed to a stronger than expected organic growth of 6.4 per cent, while overall business growth stands at 4.8 per cent.

Peter Brabeck-Letmathe, chairman and executive officer at the company, described today's results as "excellent", predicting that Nestle would go on to achieve higher than expected organic growth during the remainder of the year.

"The outstanding first-half results demonstrate that the Nestle model of combining strong top-line growth with improved operational performance enhances value for our shareholders," he said.

Mr Brabeck-Letmathe explained that "tough economic conditions" had only been overcome by the group's own internal efficiency and working capital discipline.

On a global basis, sales in North America and South America rose the fastest at 8.2 per cent, although its European divisions experienced their strongest growth for more than four years.


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