French vegetable products company Bonduelle Group has reported total consolidated turnover of €2,288.1 million for its full 2016-2017 financial year, representing 2.7% organic growth year-on-year.
The group says that this result was in line with expectations, in spite of unfavourable circumstances, including 'sluggish' consumption in Europe, economic crises in emerging countries, and difficult harvests.
The company's European business, which represents 55.8% of turnover, returned to growth this year, driven by a 1.6% increase in the fourth quarter as a 'sunny spring' promoted the consumption of canned corn and fresh prepared products.
Outside of Europe, the company noted strong performances in the canned and frozen segments in North America, which offset difficulties in Brazil and Russia.
In June, Bonduelle Group divested its minority interests in the Gelagri companies of France and Spain to Triskalia, while last month it finalised the refinancing operations associated with its recent acquisition of Ready Pac Foods in the US.
The company is forecasting operating profitability close to the one recorded in the previous financial year, despite the impact of poor harvests in summer 2016, strengthened by favourable exchange rates and the contribution of Ready Pac Foods.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.