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Bonduelle LFL Turnover Grows 1.9% During Financial H1

Tinned vegetable company Bonduelle recorded a turnover of €1.03 billion and grew 1.9% on a like-for-like basis, according to H1 results for its 2016-2017 financial year.

Its second quarter was weaker than its first, however, as the three months were ‘marked by a slowdown of economic activity in Europe at the end of the period, and a high comparison basis in Russia.’

In Europe, in terms of its canned operating segment, this slowdown was due to a reduction in advertising, driven by summer 2016’s reduced harvests.

Bonduelle said that in Europe, the frozen segment had positive growth, with a resurge of food service activity.

It added that ‘the fresh processed (delicatessen) and ready to eat (fresh-cut salad in bags) segment showed an overall stability in sales linked to an Italian market for fresh-cut salad in bags that continued to be difficult and the deterioration of production conditions in Spain (floods) at the end of the period.'

The delicatessen segment saw a renewed positive growth in the second quarter.

Outside Europe, growth in turnover on a like-for-like basis reached 6.6%.

‘The increase in activity amounted to + 2.8% on a like for like basis in quarter 2 as a result of a high basis for comparison notably in Russia (anticipation of a price increase in January 2016) coupled with a consumption climate for this zone showing no real signs of recovery.

The North American market also experienced strong growth, particularly in Canada; in South America, the reposition of Bonduelle's canned range allowed the group to regain growth.

Bonduelle extended its organic product offering in the US and several EU countries in September, which it said was a response to rising market demand for such SKUs.

© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Peter Donnelly. Click subscribe to sign up for ESM: The European Supermarket Magazine

 

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