The Sint-Katelijne-Waver, Belgium-headquartered Greenyard Group on February 20 reported third quarter year-to-date sales increased by 12.2% from €3,335.7 million to €3,742.4 million, well in line with its €4,900 million guidance for the full financial year ending on March 31, 2024. This marks a further acceleration in Q3 compared to the first half of the financial year. Out of the double digit growth, 9,6% is related to price increases, and 2,6% is volume increases.
Fresh product sales rose by 11.5%, or €310.4 million, versus the same period last year, from € 2,706.9 million to € 3,017.3 million. The growth was supported by a healthy volume growth (3.5%), which was reported as significant in Greenyard’s Integrated customer relationships.
Sales in the Long Fresh (Frozen) vegetable and fruit segment grew by 15.3%, or €96.4 million from €628.7 million to €725.1 million, thanks to price increases. Volumes are in line with last year.
Profitability follows suit and Greenyard is on track to reach an Adjusted EBITDA in line with the guidance range of €175 million to €180 million.
“After two quarters of strong growth, Greenyard continued with a similar performance in the third quarter,” said CEO Francis King. “In Long Fresh, our frozen and prepared fruit and vegetables, we have experienced continued inflation of our costs, especially in our fresh raw materials. We have, however, been able to successfully pass these on. In difficult climatic and growing conditions, we have been able to maintain good service levels. This ability, together with our broad and diversified offering, allowed us to maintain volumes and achieve solid year-on-year price increases.”
