Siro’s group saw the light at the end of the tunnel. Following its takeover in June last year by the Kempner and Afendis funds, the company closed its last financial year with a net turnover of 424 million euros, representing 31.4% higher than the previous year. In addition, a loss of 40.1 million euros became a profit after financial restructuring of 186.1 million euros.

In the annual statement of accounts sent to the Mercantile Registry, the company confirms this “After various efforts, we are starting to see tangible results in sales growth and the creation of new alliances”.

Accordingly, the group also confirmed that “the forecast for the 2023 financial year takes into account the increase in production volume compared to the 2022 financial year, based on the reference developments that we have worked on in recent years, guiding us towards efficiency”. Regarding the results, the company expects to obtain an increase ebitda (gross operating results) compared to the previous year and announced that “We plan to make investments throughout 2023 which will be directed primarily at increasing efficiency or product development.”

Divestment

The Cerealto Siro Group, which has reached an agreement with the work council of the Venta de Baños (Palencia) biscuit factory to maintain activity at the factory where 200 people work, remains certain in the account that it has sold its UK business in the rescue plan. “With the entry of a new majority investor into the group in June 2022, among other things, management has decided to divest from its Cerealto UK subsidiary,” the company explained in the report. Operations could be completed this year and include a factory in the town of Worksop.

After the latest capital injection by new investors, totaling more than 300 million, the good news for Cerealto Siro is that it managed to reduce short-term debt from 333 million to just 7 million euros.