In what Iglo Foods’ Chairman Erhard Schoewel deemed “another tough year for the branded frozen food category in Europe,” the U.K. food manufacturer posted a 1.9 percent loss in sales to EUR 1.469 billion (USD 1.674 billion).
In its annual report, Iglo said its gross profit and margin both grew year-on-year and its cash-management performance was strong. The European food market has been challenging, the company said, with the defined frozen food market declining 0.5 percent last year. The company markets its products under the Birds Eye brand in the U.K. and Ireladn, Iglo in Europe and Findus in Italy.
“Last year, one in 10 of the meals prepared in European homes included some frozen food. But that’s only part of the story. For every one of these meals that included frozen food, there were another three when the person choosing the food thought about making frozen a part of the meal — but decided against it. The maths is simple — and it adds up to a huge opportunity for Iglo,” said CEO Elio Leoni Sceti.
The company will focus on innovation for future success, as sales growth in certain markets was driven primarily by new products. Findus Italy was one of the few companies to post an increase in sales last year. Its seafood sales there grew 4 percent.
