Prepared vegetables firm Bonduelle has reported a 9.2% year-on-year increase in revenue, to € 2.4 billion, in its full year ended 30 June 2023.
However, the group's net income declined by 59.1% year-on-year to €14.5 million, from €35.4 million in the previous fiscal year.
Commenting on the company's performance, Xavier Unkovic, chief executive officer said, "In an environment of widespread inflation, and where strong geopolitical tensions remain in certain regions where the group operates, the diversity of our activities (long-life, fresh and processed), our production and sales regions, distribution channels (retail, foodservice) and our products – either branded or private label – enabled the Bonduelle Group to post a growth in both revenue and current operating income."
The company's canned division reported a 17.5% increase in reported revenue to €1.1 billion, while its frozen segment registered 17.0% growth to €278.8 million.
Revenue in the fresh processed unit amounted to €1 billion, down 0.5% on a reported basis.
The company's Europe zone generated revenue worth €1.5 billion, up 11.6% on a like-for-like basis, and accounted for 62.7% of the company's business activity.
Revenue in the company's non-Europe segment, representing 37.3% of the business activity over the full year, recorded growth of 6.3% on a reported basis and 5.8% on a like-for-like basis.
Outlook For 2023/24
Bonduelle Group is targeting revenue growth of around 5% for 2023 to 2024, of €2.53 billion, and an operating margin exceeding 3%.
Unkovic stated, "The financial year 2023-2024 starts in a climate of significant deconsumption, fuelled by still-important inflation. More than ever, our ability to innovate and offer product differentiation through strong and accessible brands will be key elements in the necessary recovery of the group’s profitability."