In a brief statement, Belgian vegetable and fruit producer Greenyard has stated that their profit for the first half of the financial year is higher than initially thought. This positive development is the result of strictly applying the transformation plan, the company states.
Restructuring plan pays off
According to Greenyard, the gross operating profit for the first half of the year (ending on 30 September) will amount to approximately 47.5 million euros. In a press release issued on 27 August, the company had stated that it was still expecting an amount between 43 and 45 million euros. "This expected result follows from a positive recovery of the business and rigorous implementation of the Transformation Plan, with a strong focus on margin and profitable volumes and rightsizing the overhead cost base", the company says in a press release.
Greenyard is in the midst of a restructuring process, in which it has already sold off several activities. The company ran into problems due to a high burden of debt, declining margins and a listeria contamination in a Hungarian factory. The company will not publish its full half-year figures until 19 November.