After several difficult years, Greenyard saw revenue rise 8% last financial year while its debt ratio fell sharply. The vegetable processor therefore has good news for shareholders.
Fruit and vegetable supplier Greenyard had a strong financial year: comparable net sales rose by about 8% to about 4.6 billion euros, according to preliminary figures now published by the company. Adjusted EBITDA was about 167 million euros, slightly higher than last year. Net profit was just under 10 million euros, compared to 16.9 million euros last year. Full results will be published by the company on 14 June.
The group’s net financial debt fell to around 280 million euros, a strong improvement from 304 million euros last year. As a result, the debt ratio will fall further from 2.4 to 2.2 times the EBITDA at the end of the 2022/2023 financial year. This is important news as Greenyard has long struggled with high debt levels. Last year, the group was able to achieve a significant refinancing.
For the current financial year, which ends in March 2024, Greenyard expects net sales of around 4.9 billion euros and adjusted EBITDA of between 175 and 180 million euros. By March 2026, the group aims to achieve revenue of 5.4 billion and adjusted EBITDA of between 200 and 210 million euros.
That the company is back on track is also good news for shareholders, who can look forward to a dividend of 0.10 euros per share – for the first time in five years.