Prepared vegetables firm Bonduelle has reported a 3.6% year-on-year increase in revenue on a like-for-like basis, to €572.2 million, in the third quarter of its financial year.
The performance marks a slight decline compared to the corresponding period last year, in which it posted a 4% increase.
According to the company, revenue growth in the latest quarter was driven by price increases and, to a lesser extent, by currency effects.
Moreover, a slowdown in consumption volumes affected Bonduelle's performance across various business segments and geographical areas, as well as its growth objectives, the company noted.
Over the first nine months, revenue amounted to € 1.8 billion, up 10.6% on reported figures and 5.3% on like-for-like basis.
Bonduelle now expects revenue growth of around 5% for the full financial year and has confirmed its objective to achieve a stable current operating margin compared with the previous financial year, both at constant exchange rates and scope of consolidation.
In the Europe zone, Bonduelle saw revenue up 12.1% year-on-year on a reported basis (+12.7% like-for-like), to €376.8 million, in the third quarter.
Revenue in the segment was up 11.6% year-on-year on a reported basis, to €1.1 billion, in the first nine months.
Its canned and frozen business in Europe saw sustained growth in value and a limited decline in volume in the third quarter, due to continued dynamic activity in food service, and good resistance of branded products, notably Cassegrain.
The ready-to-use fresh segment also witnessed growth in value over the quarter, and a slight decline in volumes due to shortages of raw materials in salads.
Revenue outside of Europe declined 7.2% year-on-year on a reported basis (-11.0% like-for-like) to €195.4 million.
In North America, the ready-to-use fresh segment in retail, was impacted by a significant slowdown in the market, particularly on salad bowls, in a context of pressure on purchasing power.
In the Eurasia zone, the geopolitical environment continued to affect consumption levels, which were negative in both volume and value on a like-for-like basis, Bonduelle added.
© 2023 European Supermarket Magazine – your source for the latest A-brands news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.