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Bonduelle Says First-Half Revenue 'In Line With Targets'

By Dayeeta Das
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Bonduelle Says First-Half Revenue 'In Line With Targets'

Prepared-vegetable firm Bonduelle has said that its first half revenue was 'in line with targets' despite a limited decline in volume due to sluggish global consumption.

Bonduelle generated €1.2 billion in revenue in the first half of its financial year to 31 December 2023, reflecting like-for-like growth of 4.5%.

On a reported basis, revenue declined 2.4%, the company said in a trading update.

European Division

Europe, which accounted for 64.8% of the company's business activity in this period, posted overall growth of 6.4% on reported figures (up 5.9% on a like-for-like basis).

The downturn in volumes remains limited in the region despite a significant weakness in food consumption, Bonduelle added.

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The private-label category grew in both volume and value in the canned and frozen retail unit, while branded products (Bonduelle and Cassegrain) increased in value but fell back in volume.

The food service activity saw continued grow, in both volume and value.

The fresh processed segment (bagged salads) saw stable volume, but grew in value in retail.

The performance varied from one region to another, with France seeing a lower service rate due to bad weather, Germany operating in a difficult market context, and Italy recording 'solid' growth.

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Non-Europe Division

The non-Europe segment, accounting for 35.2% of the revenue, saw an overall decline of 15.4% on reported figures and up 2.5% on a like-for-like basis.

Business was impacted by translation effects of the Russian Rouble, which lost an average of 40% of its value between the first half of the 2023-2024.

In the Eurasia region, the canned segment remained volume and value for both branded products and private-label category.

The frozen unit saw significant recovery over the last quarter and reported sustained growth in volume and value over the period as a whole.

In North America, the decline in fresh processed products, such as bagged salads and meal solutions, remained more limited than in the same period last year due to unfavourable market trends.

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