The Bonduelle Group posted revenue of 568.5 million euros for Q1 2023-2024, up +4.2% on a like-for-like basis* and down -0.5% on reported figures. The significant depreciation of the Russian ruble compared to the first quarter of the previous fiscal year and, to a lesser extent, the weakening of the US dollar versus the euro had a negative impact of -4.7% on business growth.
Europe Zone
The Europe Zone, which accounts for 66.0% of total revenue, posted overall Q1 growth of +7.2% on a like-for-like basis* and +7.6% on reported figures. In an economic environment still marked by a sharp decline in volumes of food consumption expenditure, the group’s retail activity grew in value but posted a slight decline in volumes, as the group’s presence in both the branded product and private label products, coupled with a major targeted promotion campaign, should allow the group to maintain its business activity and market share. Despite this environment, the food service activity remains flat overall in terms of volumes but is growing in value.
The fresh processed segment, bagged salads, which is more sensitive to the consumer environment, remains under pressure in Germany and France, while Italy posted growth in terms of both volumes and value. The fresh prepared activity, which is more sensitive to weather conditions, benefited from a particularly dynamic month of September with significant increases in volumes and market share gains.
Outlook
First quarter activity and the results of the summer harvests do not call into question the targets communicated in early October 2023, namely revenue growth of around 5% and an operating margin of over 3%, both at constant exchange rates. Changes in the consumer environment, the recovery of the fresh processed activity and the achievement of new price increases designed to compensate for inflation, particularly for agricultural raw materials, observed during the 2023 summer harvest and not offset by operating efficiency gains will be key factors in achieving these targets.
For more information:
Bonduelle Group
La Woestyne 59173
Renescure, France
www.bonduelle.com