Maple Leaf UK announces earnings consistent with last year

30 July, 2009

Bagel and speciality bread manufacturer Maple Leaf UK, part of Canada Breadís Frozen Bakery division, achieved a performance consistent with last year, according to Canada Breadís second-quarter statement.

The Rotherham-based manufacturer has restored sales of its bagels to similar levels achieved before an oven fire at its plant in early 2008.

Canada Breadís Frozen Bread division saw sales decrease by 2.8% to $145.7m (£88.36m) compared to $149.8m (£90.83m) for the comparable period last year. Adjusted operating earnings increased to $7.8m (£4.73m) for Q2 compared to a $0.1m (£121,279) loss in 2008. Full year earnings were up 139.8% to $16.3m (£9.88m) compared $6.8m (£4.12m) last year.

The firm also saw its North American bakery margins improve, due to a fall in commodity prices, with total group operating earnings at $33.1m (£20m), up from $12.4m (£7.5m) in 2008.

Canada Bread Company is 89.8% owned by Canadian-based Maple Leaf Foods Inc.





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