Fresh produce firm Greenyard has reported double-digit like-for-like net sales growth of 10.3%, to €1.3 billion, in the first quarter of its financial year.
Volumes during the quarter remained stable (up 0.2% year on year) compared to the same period last year, the company added.
Greenyard reaffirmed its adjusted EBITDA guidance in the range of €175 million – €180 million and net sales of €4.9 billion for the full year 23/24.
By March 2026, the Belgian company expects to achieve sales of €5.4 billion and adjusted EBITDA in the range of €200 million – €210 million.
Price Increases
Greenyard implemented 'necessary' price increases of around 10.1% during the quarter to ensure fair value for the entire chain from consumers to growers.
Inflation is one of the parameters in the total price setting for fruit and vegetables with yields, harvesting conditions, and the availability of produce contributing to correct pricing, the company added.
Compared to pre-COVID-19, the company’s volumes increased (in tonnes) by almost 4%. However, the consumption of fruit and vegetables per capita in the EU is still well below the recommended intake of 400 grams per day.
Divisional Performance
The company's Fresh segment saw like-for-like net sales growth of 9.1% during the quarter to €1.1 billion from €966 million in the same period last year.
The division saw volumes up 0.6% year-on-year, while prices increased by 8.5%.
In the Long Fresh unit, like-for-like net sales amounted to €228 million, up 16.2% from €196 million in the corresponding year-ago period.
Volumes declined by 2.1% year-on-year during the quarter due to a temporary delay in orders in prepared food products.
The division implemented a prices increase of 18.3% as it charged for higher raw material and other input costs.
