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Fresh Produce

Greenyard Reports ‘Solid’ Performance In Full Financial Year

Fresh produce firm Greenyard has reported 1.4% growth in like-for-like sales, to €4.4 billion, in its financial year ended 31 March 2022.

The company attributed this growth to increased sales in its integrated customer model and a good product mix.

Adjusted EBITDA increased to €166.5 million during the financial year, up 6.1% from €156.9 million a year ago, in what the company said was a highly volatile market and amid unseen macro-economic circumstances.

Commenting on the performance, Marc Zwaaneveld, co-CEO of Greenyard said, “Faced with the toughest circumstances in decades, we delivered on what we promised. Our performance illustrates the strength of our unique business model, built on close collaborations throughout the chain and fostered by long-term relationships.”

Divisional Performance

Like-for-like sales in the Fresh division increased by 0.7% year on year, with sales in the company's integrated customer relationships accounting for three-quarters of the division's sales.

Adjusted EBITDA margin of the division increased from 2.6% to 2.8%, despite the challenging economic environment, influenced by COVID-19, supply chain and labour market disruptions.

The company has decided to divest its UK Fresh operations in the coming months, citing insufficient room for standalone profitable growth.

The Long Fresh unit saw sales increasing by 5.3% year on year, to €755.6 million, driven by a partial recovery of food service, further growth with higher-end convenience and fruit categories, and additional business unlocked by investments.

Adjusted EBITDA margin increased to 8.3% from 7.6% in the previous financial year due to continued focus on operational efficiency, better sales mix, and continuous increase in sales price following high inflationary input costs.

Read More: Greenyard Signs Property Transaction

Hein Deprez, co-CEO added, "Plant-based food has been part of our DNA ever since we started. But we are much more than a plant-based company.

"Fruit and vegetables - the plants themselves – are our core product, in all their natural power. They belong at the centre of every plate, on their own merits. This gives us a head start."

© 2022 European Supermarket Magazine – your source for the latest fresh-produce news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.

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