Greenyard Reports 'Record-High' Annual Results As Sales Exceed €5bn

By Dayeeta Das
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Greenyard Reports 'Record-High' Annual Results As Sales Exceed €5bn

Prepared fresh produce firm Greenyard has reported a 10.9% increase in like-for-like sales to hit a record €5.1 billion in its financial year ended March 2024.

Adjusted EBITDA increased 11.5% to reach €186.5 million during the year, exceeding the guidance range of €175 million - €180 million.

Earnings per share for the full year increased from 16c to 28c, the company added.

The company's board of directors will propose a 150% increase in dividend to €0.25 per share from €0.10 per share for the full year to March 2024 at its AGM in September 2024.

Chief executive officer of Greenyard, Francis Kint, commented, “We are very proud to realise these results in a challenging environment, characterised by a second year of inflation. Greenyard improved both in volume and prices.”


Divisional Performance

Like-for-like sales in the Fresh division saw double-digit growth of 10.3% to €4.1 billion, driven by price increases and a positive volume effect.

The Long Fresh division saw a 13.3% year-on-year increase in sales to € 992.2 million, driven by a 14.0% price increase following several rounds of price negotiations to compensate for higher production input prices.

Adjusted EBITDA in the unit amounted to €89.2 million, growing by almost a quarter (23.5%), due to higher crop yields driven by a strong pea season in the UK and increases in sales price.

Kint explained, “The Long Fresh segment (frozen and ambient fruit and vegetable product categories) reached sales just
shy of the €1bn sales mark, whilst further strengthening the operational profitability margin. This is the result of a successful expansion in value-added convenience products, e.g., by adding a line of frozen pure plant gelato products.


“In turn, the Fresh segment has continued to expand its business with key ICR customers (Integrated Customer Relationships). Both segments benefit from the trend of consumers seeking to increase the intake of fruit and vegetables in all its forms, to eat healthier and consume food that is produced in sustainable food chains.”

Greenyard hopes to achieve sales of €5.4 billion and an adjusted EBITDA between €200million and €210 million by the full year 2025-2026.

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