French surimi producer Fleury Michon is warning of a difficult year ahead, expecting that both revenue and operating profit will fall as it feels the pinch from retailers.
In a recent stock exchange announcement, the branded food group said it has failed to pass on rising commodity costs to its retail customers and it expects sales to fall by around €10 million ($10.6 million) over the course of the year as a result.
"The group expects a difficult 2017 financial year due to a complicated market environment, pressure from distributors to lower prices and a very tight commodity environment, which will have a significant impact on current operating income, and which could lead to decrease of €10 million ($10.6
