Hain Celestial profit surges on acquisitions
Sandwich and ready meal supplier Hain Celestial has reported a 40% increase in first-quarter after b…Sandwich and ready meal supplier Hain Celestial has reported a 40% increase in first-quarter after being boosted by sales from acquisitions.
Daily Bread and Lida McCartney food manufacturer Hain Celestial said income reached $16.37 million in the quarter ending 30 September, up from $11.69 million during the same period last year. Sales increased by 25% to $359.8 million, up from $286.84 million.
Hain, which this week announced the purchase of the Premier Foods’ Hartley's, Gale's Robertson's, Frank Cooper's and Sun-Pat brands, said that the firm had benefited from higher sales from its acquired brands and operational efficiency measures.
“We had a strong start to our fiscal year with solid growth of our business led by Hain Celestial United States and with contributions from our expanded international operations during our first quarter,” said Irwin D Simon, Hain’s founder, president and chief executive.
“Our increased scale provided us the leverage for improved operating efficiencies across our global portfolio enabling us to deliver solid results from all of our segments. At the same time, our cash conversion cycle improved to 66 days compared 83 days during the first quarter last year.”
