Thanks in part to a recovery in out-of-home consumption and the growth of convenience, Belgian fruit and vegetable specialist Greenyard was able to increase its sales and its market share.
In the first quarter of its broken financial year, Greenyard saw its net sales increase by 4.8 % to 1.18 billion. In the fresh segment, sales growth was 3.2 %, a growth that the company attributes to its success in further strengthening its market share in its core markets thanks to its integrated customer relationships, according to a press release.
In the ‘long fresh’ segment (frozen and canned foods), net sales even grew by 14.2 % thanks to the recovery in the food service and food industry. Convenience products also continued to grow, as consumers want to consume healthy products in an easy and accessible way.
Impact of inflation limited
The company sees a new equilibrium emerging after the resurgence of out-of-home consumption, but also points to strong macro-economic headwinds for end consumers. Although the impact of inflation on pricing is limited because other factors such as yields, harvesting conditions and availability also come into play. For avocados and grapes, for example, prices fell due to oversupply.
Greenyard is confident that it will achieve a turnover of five billion euros by financial year 2024/25 (as previously planned), and an EBITDA of EUR 200-210 million euros.