The Bonduelle Group's has released the financial results for the first quarter of the FY 2020-2021. Its revenue for this period stands at € 680.5 million, a -0.6% decrease based on reported figures and an increase of +1.9% on a like for like basis*. Currency exchange rate had a negative impact of -2.5% on the group's business, mainly due to the fluctuation of the US and Canadian dollars and the Russian rouble.
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Europe Zone
The growth of revenue for the Europe zone, representing 46.3% of the business activity over the period, posted a decrease of -0.6% on a like for like basis* and -0.9% on reported figures. Long life business activities are showing robust growth in both national brands (Bonduelle and Cassegrain) and private labels, in the ambient and frozen operating segments.
While remaining solid in the retail sector, the overall growth in the frozen food business is hampered by a negatively oriented out-of-home catering sector which continued to suffer from the restrictions associated with the Covid-19 sanitary crisis.
Similarly, the context linked to the sanitary crisis is weighing on the fresh ready-to-use markets (bagged salads, meal bowls and ready-to-eat salads) which remain in decline both in retail and out-of-home catering business activities, despite an observed increase in our market share.
Non-Europe Zone
The revenue for the non-Europe zone, representing 53.7% of the revenue of the group, posted a growth of +4.-% on a like-for-like basis* and a decrease -0.3% on reported figures.
On a like-for-like basis*, the zone returned to growth in the first quarter in all three technologies. In North America, the activity remains robust and dynamic in both the canned and frozen operating segments, fuelled by the mass retail business, particularly in the national brands Del Monte and Arctic Gardens. The out-of-home catering sector, which is still struggling and in significant decline, is, like in the Europe zone, weighing on both the frozen and fresh operating segments. In the fresh operating segment, Bonduelle Fresh Americas confirmed the favorable trend observed at the end of the previous financial year and returned to growth, bolstered by the good performance of the bowls business activity.
The Eurasian zone (Russia and peripheral countries) is penalized by the weakening of the rouble weighing on both the economy and consumption. In addition, the Bonduelle Group had been forced to apply voluntary arbitration in favor of more profitable branded contracts, to the detriment of some private-label volumes due to weak agricultural crops.
For the full financial results, please click here.