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Date: Thursday 21 Aug 2008

LONDON (ShareCast) - Strong growth in its main North American and European markets helped ketchup firm Heinz post a double digit rise in first quarter profits.

Revenues in the three months to July 30 rose to $2.58bn from $2.25bn, helping lift earnings to $229m ($0.72 per share) from $205m ($0.63 per share) over the same period a year ago.

North American revenues rose to $1.09bn from $1.02bn and European revenues jumped to $918m from $766m.

Growth was helped by higher marketing spending which included the launch of new tomato ketchup bottles in 33 countries, backed by the ‘Grown, Not Made’ advertising message.

In the UK, Heinz soup achieved a record value market share in the quarter of 63.5%.

“As our strong performance in the first quarter demonstrates, Heinz is on track to deliver another year of impressive growth,” chief executive and president William Johnson said.

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