Plant-based nutrition firm Raisio has reported record earnings before interest and taxes (EBIT) of almost €40m in 2013.
The figure represents a 14% increase from the previous year for the company behind brands like Benecol and Honey Monster.
Growth in a challenging time
The company’s chief executive, Matti Rihko, said the increase is a good achievement in a challenging economic time in Europe.
“The group's balance sheet has been kept strong with a positive cash flow of €71.8m. Raisio is a net debt free company despite our acquisitions of €200m made on a debt free basis during the growth phase. This gives us a good opportunity to continue the implementation of the growth phase in line with our strategy,” he said.
Last year the Finnish agri-food giant launched its Benecol brand in the Philippines following the success of a similar launch in Indonesia.
Meanwhile it sold its €7m oat, soy and rice business in March in a bid to cut some 'less interesting' businesses from its portfolio.
Outside of its food sector, Raisio entered into a joint venture with Intellectual Ventures last spring. The partnership sought to establish Benemilk, a cow feed which purports to increase milk yield. The firm also filed a patent application towards the end of last year for a salmon feed invention.