The Magnum Ice Cream Company has lifted its full-year sales forecast after reporting 9.6% organic sales growth in the third quarter, helped by an extended hot summer across Europe.
The Amsterdam-listed group, which was demerged from former parent Unilever in December last year, said the prolonged warm weather contributed around 2% to 3% to its quarterly growth. It now expects annual sales growth of approximately 5.5%, up from its previous guidance of 3% to 5%.
Strong Demand for New Products
The company attributed the strong performance to robust demand for products including its new pistachio Magnum range, a "reinvigorated" Solero and new Cornetto flavours, in addition to the boost from heatwaves and sustained warm weather throughout September.
Peter ter Kulve, chief executive of the Magnum firm, said: "Sales of our leading brands have accelerated, powered by innovation.
"All regions continued to grow, including the US, our biggest market.
"Improved execution and operational rigour enabled us to capitalise on strong demand, especially in Europe, and win share."
Price Rises and Cost Pressures
The update also revealed that the group implemented price rises to counteract higher energy and oil costs stemming from the Iran war. Price increases accounted for 2.2% of its 9.6% quarterly sales growth.
The Magnum Ice Cream Company is the world's largest ice cream manufacturer, with sites including its plant in Gloucester where it makes products such as Viennetta and Cornetto.
