Fresh produce firm Greenyard has raised its adjusted EBITDA guidance to approximately €116 million - €117 million for the full financial year 2020/2021.
Previously, the company had estimated EBITDA to hit the upper end of the €106 million to €110 million range for the financial year.
The increase in adjusted EBITDA also results in a further deleveraging of its debt ratio to a ratio below 3,0x Net Debt/adjusted EBITDA (before application of IFRS 16).
The current financial results put Greenyard in a strong position for further sustainable growth, the company said.
Greenyard witnessed ‘strong growth’ in the fourth quarter and continued to accelerate its underlying business through volume growth driven by long-term customer relations.
It added that better alignment of sourcing flows and further cost control also contributed to this growth.
This performance underlines the potential of Greenyard’s unique strategy and reaffirms the strength to realise its ambitious long-term strategy, the company added.
Greenyard is one of the leading names in fresh, frozen and prepared fruit and vegetables, flowers and plants.
Its customer base includes leading retailers in Europe and it employs around 9,000 people in 23 counties across the world.
The company offers sustainable solutions to its customers and suppliers through its products, innovations, and other services.
Last month, the company announced a new €467.5 million financing agreement, which includes support from a consortium of banks, the Flemish government, and two private investors, one of which is Belgian billionaire Marc Coucke.
© 2021 European Supermarket Magazine. Article by Dayeeta Das. For more Fresh Produce news, click here. Click subscribe to sign up to ESM: European Supermarket Magazine.