Grupo Calvo, Spain’s leading canned seafood company, has reported a 15.1 percent increase in turnover to EUR 566.2 million (USD 702 million) in 2011, taking gross operating profit to EUR 41.8 million (USD 51.8 million), up 3.3 percent from 2010.
EBIT (earnings before interest, taxes, depreciation and amortization) rose 3 percent to EUR 13.6 million (USD 16.8 million). Sales growth during the first quarter of 2012 remains buoyant, totaling EUR 155.5 million (USD 193 million), up 5.1 percent from the first quarter of 2011.
Grupo Calvo CEO Manuel Calvo welcomed the company’s “excellent” performance in three key markets — Brazil, Spain and Italy. He confirmed that the company has invested around EUR 3 million (USD 3.7 million) in research, development and innovation this year.
Enrique Orge, the company’s managing director, described gross operating results as “the best the company has ever made,” especially given the circumstances of a struggling economy.
“This is a multinational company committed to internationalization, but Spain remains our unquestionable commitment,” explained Orge, highlighting an increase in staff headcount to 170 in its Galicia operations, where it will continue to pursue “the protected designation of origin of the Galician mussel.”
Orge described the 2011 debt ratio on gross operating profit of 2:8 as “similar” to 2010. “Growing companies must have more debt,” he said.
