Greenyard, the Sint-Katelijne-Waver, Belgium-headquartered producer and marketer of fresh, frozen and canned vegetable products, on August 30 reported that first quarter sales increased to €1,170.8 million. This amounts to additional growth of +2.3% on a like-for-like basis, and +1.9% on a reported basis, versus the same quarter last year.
During the first quarter of 2020, the company realized an exceptional like-for-like growth rate of 11.9% compared with the year before.
“The further gain this year, which is in line with our expected growth rate, proves that Greenyard continues its growth path starting from last year’s significant step-up,” according to a press release issued by the company.
The fresh segment grew by 1.7% on a like-for-Like basis, or 1.2% on a reported basis, to € 970,2 million in Q1 2021, from € 959 million in the same quarter last year.
The percentage gain in the frozen segment, which the company designates as “long fresh,” was stronger than the fresh segment at +5.4% versus the same quarter last year, from €190.3 million to € 200.6 million.
Meanwhile, the foodservice and food industry customer segments are slowly picking up since relaxation of government imposed Covid-19 lockdown measures prompted by the spread of the coronavirus pandemic (SARS-CoV-2) from China. Combined, they now account for 24% of sales, versus 17% for the first three months of last year. Greenyard has improved the product mix as convenience and frozen fruit sales represented 31% of total long fresh turnover during Q1.
Share Buyback Program for Incentive Plans
In other news, Greenyard’s board of directors has announced the start a buyback program for the repurchase of up to 600,000 shares, in accordance with applicable laws and regulations. Combined with the currently held 1,363,854 treasury shares, the share buyback could potentially increase the treasury shares held to around 3.8% of total outstanding shares.