Strauss Group reports flat revenue

Gadi Lesin
Gadi Lesin

The Strauss Coffee unit has filed a draft prospectus for a US offering.

Food company Strauss Group Ltd. (TASE:STRS) reported its 2014 results this morning. The company's revenue was flat, at NIS 8.14 billion, although discounting the effect of exchange rate movements, revenue grew by 4.2% in 2014.

Gross profit totaled NIS 3.119 billion (38.3% of sales), representing a slight rise over the 2013 figure. EBITDA fell 2.9% in comparison with 2013, to NIS 964 million.

Strauss reports a 12.6% year-on-year rise in its net profit to NIS 317 million. Its cash flow from regular activities fell to NIS 561 million, compared with NIS 716 million in 2013.

Strauss president and CEO Gadi Lesin said, "Strauss Group is presenting good annual results, despite complex local and international challenges. Alongside record results in the company's two main international growth engines, the coffee company in Brazil and the dips and spreads company in the US and Canada, we coped with a diplomatic and economic crisis in Russia and Ukraine, and a significant slowdown in the domestic Israeli food market.

"Strauss continues to implement the strategy of deepening its overseas business, and at the same time is adapting the company to the changes and challenges in the food market in Israel. In addition, we reported today that Strauss Coffee has filed a draft confidential prospectus with the US Securities and Exchange Commission."

<p>Strauss Group is up 2.49% on the Tel Aviv Stock Exchange following the release of its results.

Published by Globes [online], Israel business news - - on March 23, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

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