Earnings Release • Nov 3, 2011
Earnings Release
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Turnhout, 3 November 2011 – The Miko Group saw a 10.3 % rise in its turnover in Q3/2011, compared with the same period last year. This is predominantly due to the increase in raw material prices, which was only partially passed on to customers.
The operating results for both the plastics and the coffee service divisions continue to be under pressure due to high and volatile raw material prices. Protecting market share does remain a strategic priority. In the plastics processing division, Grispa, the subsidiary located in Houthalen – Belgium, was shut down in September. This event, along with one of our customers going bankrupt, is putting pressure on the results.
Miko has been active in coffee service for over 200 years and in plastic packaging for some 35 years now, and was floated on Euronext Brussels in 1998. Miko follows a "two-pillar strategy" in which its core activities – coffee service and plastic packaging – are practically independent entities each with its own management, so that each activity can follow its own growth path. The group employs 641 people and achieved a turnover of EUR 117.8 million in 2010. The plastic packaging division accounted for 50.1 % of this total. The remaining 49.9 % was provided by the coffee service division. It is an international group which owns companies in Belgium, France, Britain, the Netherlands, Germany, Poland, the Czech Republic, Slovakia and Australia.
For further information, please contact Frans Van Tilborg, tel. +32 (0)14 46.27.70. After 4.30 p.m. CEST: (mobile: Frans Van Tilborg) +32 (0)495 59.12.77.
Dit persbericht is ook beschikbaar in het Nederlands. Ce communiqué de presse est également disponible en français.
Miko website: www.miko.eu
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