INTERNATIONAL food company, H.J. Heinz, has reported a 12 per cent increase in pre tax profits to $659.3 million (£414 million) in the year to the end of May.
The company yesterday announced a 13 per cent increase in sales from $8.09 billion to $9.11 billion, mainly due to the addition of new acquisitions to its business. Earnings per share for the year rose by 10 per cent to $1.75.
Operating profits at Heinz rose by 11 per cent to $1.29 billion.
In a statement yesterday, Heinz chairman, Dr Tony O'Reilly, said its results in the fourth quarter of the financial year were buoyed by its acquisition of the pet food businesses of Quaker Oats and Alimentos Pilar of Argentina. It also expanded its instant foods business through acquisitions in the Czech Republic, Hungary, and Italy.
Announcing a number of senior appointment to the Heinz group last week, Dr, O'Reilly gave the strongest indication yet of his plans to step down as head of the US food giant. The front to succeed him appears to be the group's newly appointed president and chief operating officer, Mr William Johnson.
He was previously a senior vice president of the company and is a director. Three other senior vice presidents, Mr William Springer, Mr Luigi Ribolla and Mr David Williams were promoted to executive vice president.
