Greenyard continued its growth unabatedly in the third quarter of its broken financial year. The fruit and vegetable business is optimistic about the future and continues to work on reducing its debt.
Fruitful long-term relationships
In the third quarter, revenues increased by 10.3 per cent year-on-year. The Fresh segment, which accounts for about 80 per cent of Greenyard's business, performed best, growing by 11.4 per cent. The company attributes the growth to increasing numbers linked to long-term customer relationships. Turnover within 'Long Fresh' increased by 6.4 per cent to over 225 million euros. The higher revenues in retail and the food industry amply compensated for the loss in sales in foodservice.
Greenyard reaffirms its earlier outlook and expects gross profit for the full financial year 2020/2021 to be at the upper end of the 106 to 110 million euros range. The company further expects debts to still be around 3.5 times the profit at that point. At the end of the previous quarter, that proportion was still at nearly 4.
Over the next four years, Greenyard plans to continue growing at an average annual rate of 2.5 per cent. The upcoming financial year gross profit should rise to 120 million euros and by the end of the 2024/2025 financial year to 150 million euros. The company will annually invest between 60 and 65 million euros in a sustainability plan, the further development of long-term customer relationships, automation and capacity expansion and a sophisticated purchasing strategy to attract new growers and retain existing ones.