Keystone-SDA
The cocoa trader and chocolatier Barry Callebaut saw its sales volumes fall by 2.7% to 565 thousand tonnes in the first quarter of its staggered 2024/25 financial year. Operating profit (Ebit) forecasts are confirmed for the full year.
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January 22, 2025 – 08:23
(Keystone-ATS) The market environment has been very difficult and volatile, and short-term demand from customers and consumers has suffered, the Zurich company explained on Wednesday. This can be explained, among other things, by the explosion of more than 70% in cocoa prices over one year.
As a result, Barry Callebaut raised its sales prices and turnover increased by 53.9% to 3.45 billion francs. At constant exchange rates, the increase amounts to 63.1% over one year.
-If revenues are higher than expected, volumes are below market forecasts. The AWP consensus expected revenues of 2.88 billion francs while volumes were expected at 571 thousand tonnes.
A loan of 300 million was issued to address the impact of rising cocoa prices on the company’s liquidity.
In addition, progress has been made in the implementation of the restructuring program launched at the beginning of last year, providing for the elimination of some 2,500 employees around the world for a reduction of a quarter of a billion francs in its base. annual costs. Thus the social plans are completed in Belgium.
For the whole year, Barry expects a drop in sales volumes of less than 5%. At constant exchange rate, recurring Ebit is expected to increase by double digits.
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