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First half-year 2022-2023 financial results

Bonduelle: Confirmation of revenue growth and profitability objectives

The 2022-2023 half-year financial statements were approved by the General Partner, then reviewed by the Supervisory Board on March 2, 2023, and then by the Statutory Auditors.

The Bonduelle Group's revenue for the 1st half of the financial year 2022-2023 amounted to € 1,243.4 million, compared with € 1,094.6 million for the 1st half of the previous financial year, which represents
a growth of +13.6% at current exchange rates and +6.1% on a like-for-like basis(2), with favorable currency variations boosting sales growth by +7.5%.

Europe Zone
The Europe Zone representing 59.4% of the business activity over the period, posted an overall growth of +11.4% at current exchange rates and +12.3% on a like-for-like basis(2) over the 1st half of the year, with all technologies showing growth over the period. The policy of price increase intended to partially compensate for inflations in production costs continues, particularly in canned and frozen activities. A limited decline in volumes over the period is explained by the quotas applied to certain products following a deficit harvest.

The frozen activity showed positive volume growth both in food service, which is continuing its post-covid recovery and in retail (success of recent innovations launched, in particular under the Cassegrain brand). The ready-to-use fresh segment (salad bags and processed), where cost increases, and therefore price increases, are more limited, showed growth in value and stability in volumes. Supply difficulties and less dynamic markets in salads were offset over the period by a particularly dynamic summer season in the processed segment.

Non-Europe Zone
The Non-Europe Zone revenue representing 40.6% of the business activity in the 1st half year, posted +17.0% at current exchange rates and -3.4% on a like-for-like basis. In an uncertain geopolitical context, the Eurasia zone posted higher revenue (canned and frozen), linked to price increases, with volumes in this area slightly down from the previous year. In North America, the ready-to-use fresh segment declined over the period, impacted on the one hand by the loss of contracts in the 2nd half of the financial year 2021-2022 by a salad segment that was itself in decline, and on the other hand by an agronomic crisis affecting salad yields in the Salinas region, generating a significant shortage of products and a rise in purchase prices. In this context, the Bonduelle Group decided to adapt its manufacturing setup on the East Coast of the United States to the expected level of activity and refocused on profitable business segments.

Click here to read the full press release.

For more information:
La Woestyne 59173
Renescure, France

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