November 8, 2017 / 6:23 AM / a year ago

Barry Callebaut extends guidance as net profit rises

ZURICH, Nov 8 (Reuters) - Chocolate and cocoa product maker Barry Callebaut extended its mid-term guidance by one year after its focus on costs helped net profit rise 40 percent in its full year to the end of August.

Global chocolate confectionery sales are down as consumers prefer healthier snacks, but the Swiss group benefits from a trend at big food groups to outsource chocolate production and its fast-growing gourmet business with chefs and pastry makers.

“A more supportive cocoa products market and slightly improving global demand for chocolate, together with the consistent execution of our strategy, give us confidence to extend our mid-term guidance to fiscal year 2018/19,” the company said in a statement on Wednesday.

Net profit at the Zurich-based company rose to 303 million Swiss francs ($303 million) in the 12 months to August, or 285 million on a recurring basis, also helped by a stable tax rate and lower financing costs, Barry Callebaut said.

$1 = 0.9993 Swiss francs Reporting by Silke Koltrowitz; Editing by Michael Shields

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