Estonia, EU – Baltic States, Foodstuff, Good for Business, Markets and Companies

The results as regards the profit figure did not meet expectations owing to a substantial increase in marketing costs and below-target bird food sales in December, the management said in the annual report. The company replaced the sales manager during the year, as a result of which two-thirds of the sales team changed.

Balsnack's principal markets last year were Estonia, Latvia, Lithuania and Finland. The company established new contacts at the Private Label Manufacturers Association trade fair in Amsterdam and signed a contract with a German wholesaler for marketing potato waffles in Germany.

The company plans to raise sales by 10% or 200,000 euros this year, which the management considers to be a realistic target.

Balsnack employed 61 people last year and its payroll costs were 776,640 euros. A year earlier it spent 641,448 euros on the wages of 59 employees.