Vion has posted a 57% drop in net profits to 54m during 2008, down from 126m.
According to the Dutch meat giant, the fall is due to higher raw material costs and the inability to pass the costs on through the supply chain.
Reports state that the turnover was up 21%, largely because of take overs such as the purchase of the Grampian Country Food Group in the UK, which the firm said has allowed it to deliver its strategic ambition to become a European food company. Vion’s EBIDTA fell 36% to £141m.
The company said it remains ‘moderately’ positive for 2009, however, expects price pressure during the recession.