Shares in the Magnum Ice Cream Company slid sharply on Thursday after underwhelming debut results since it's spin-off from Unilever.
The company reported a 48.4% drop in full-year net profit and lower-than-expected sales growth.
Annual revenue was flat year-on-year at €7.9billion and a 3% decline in fourth-quarter sales was worse than analysts predicted.
The results are seen as a test for Magnum as a standalone entity after it demerged from its parent company in December.
Peter Ter Kulve, chief executive, played down fears that weight-loss drugs are impacted global demand for ice cream, saying there was a “real opportunity” to take advantage of a shift in consumer tastes.
He said: “When people are on GLP-1s or micro-dosing GLP-1s they do not stop eating treats.
“We offer caloric options and significantly less calories than chips, chocolates or processed, rich cookies.”
FSTE100
The UK's flagship share index, the FTSE 100, was down 77 points at 10,436 shortly after opening this morning.
Brent crude oil futures were down 0.06% at $66.42 a barrel.
Companies reporting today
- Cameco* - Q4 Results
- NatWest* - Full Year Results