Acquisitions boosted the company to record revenue and profits in 2013.
Frutarom Industries Ltd. (TASE: FRUT; LSE:FRUT; Bulletin Board: FRUTF) today predicts a "quantum leap" in results in the coming years, after reporting double-digit profit growth on higher revenue for 2013. The company will distribute a dividend of $16.4 million.
Revenue rose 9% to a record $673.7 million in 2013 from $618 million in 2012. Acquisitions made in 2013 contributed $37 million to revenues; organic growth was 3%. Net profit rose 22% to $63.6 million ($1.09 per share) in 2013 from $52 million in 2012; net profit excluding one-time expenses rose 28% to $67.5 million ($1.19 per share) from $52.6 million.
Cash flow from operations was $88.7 million in 2013.
"We see significant potential for an additional quantum leap in sales and profits over the coming years," said Frutarom president and CEO Ori Yehudai. "We continue to leverage the many cross-selling opportunities presented by the recent acquisitions, four of which were made over the last few months, which have only partially contributed to the results in 2013. We are also working on leveraging the many technological capacities we have gained through the acquisitions, and are seeking more synergetic acquisitions."
Published by Globes [online], Israel business news - www.globes-online.com - on March 19, 2014
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