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Matusz-Vad sales target HUF 7 bln in 2011

Hungary's Matusz-Vad, a supplier of frozen food to the catering industry, expects turnover of HUF 7 billion for 2011 based on HUF 3.4 billion net revenue in H1, marketing manager Klaudia Tanos said on Tuesday.

H1 revenue rose 17.9% yr/yr.

Exports accounted for 17.3% of revenue in H1, up from 9.7% in the same period a year before, Tanos said. Sales in Slovakia were responsible for more than half of the company's exports, and came to €1.07 million, almost double that from H1 2010.

Sales in Austria nearly tripled to €1.17 million and accounted for 43.4% of sales.

Matusz-Vad closed 2010 with revenue of HUF 6.47 billion, 19% more than a year before.