Blog: Innocent eyeing Europe for profit growth
Michelle Russell | 2 June 2010
A ramp up of investment overseas is understandable I guess for smoothie maker Innocent Drinks, given the decline in sales of smoothies in the UK in the last 12 months.
Looking at Fresh Trading’s 2009 results, the parent group of Innocent narrowed its losses and increased sales last year, boosted by significant investment outside of the UK.
However, in the UK Innocent saw its profits almost halved during the year, to GBP5.7m from GBP10.9m in 2008. Sales slipped to GBP96.5m from GBP98.9m.
No wonder then that the firm is looking elsewhere to earn some cash.
The company looks set to become more reliant on European markets now for growth as smoothie sales in the UK run out of track, at least in the short-term.
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