Greenyard closes first half of the year with higher net profit
Greenyard closed the first half of the book year with a substantial increase in their net profit. Although not all the underlying results showed an upward trend, the company's bottom line was EUR 11,7 million in the red. That is 72% more than the first half of 2016.
"We are very pleased with the increase in our net profit. This was realised thanks to, in part, the continuous positive effects of our refinancing and tax savings. Our net debt has also been reduced despite the major investments in the expansion of our activities", said a satisfied Marleen Vaesen, CEO of Greenyard, in reaction to the figures.
The company's turnover decreased slightly by 2,4% and ended on EUR 2,09 billion. This was at EUR 2,14 billion the previous year. This decrease is largely due to the bad weather, which negatively affected the performances in the Fresh, and Long Fresh segments. In addition, the pressure on prices of Prepared, part of Long Fresh, continues to be a factor.
"We are determined to continue investing in profitable growth in the future. We have accelerated a number of initiatives to boost profitability. These initiatives are related to the optimisation of Fresh activities in Poland, Germany, Belgium, and the UK. They will lead to more streamlined activities, and lower overheads, in these countries. These improvement initiatives, along with investment in state-of-the-art facilities, confirm Greenyard's position as a market leader. Finally, we are confident that Greenyard has the right strategy and priorities. This will generate profitable growth and strengthen our position as a global leader in the area of fruit and vegetables in all its forms."
Publication date: 11/23/2017
Author: Melinda Walraven
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