Three weeks before H1 results are scheduled to be released on November 19, Greenyard has announced that based on current expectations and subject to finalization of half-year performance figures, it expects Adjusted EBITDA (before application of IFRS 16) for the first two quarters ending September 2019 to amount to approximately EUR 47.5 million. If this forecast is correct, the result will be up from the EUR 43-45 million sum forecast in guidance provided by the company on August 27.
“This expected result follows from a positive recovery of the business and rigorous implementation of the transformation plan, with a strong focus on margin and profitable volumes and right sizing the overhead cost base,” stated a press release issued by CFO Geert Peeters on October 29.
The Sint Katelijne, Belgium-headquartered company is a major supplier of fresh, frozen and prepared fruit and vegetables, flowers and plants. Employing more than 9,000 people and operating in 25 countries throughout Europe and beyond, it typically generates annual sales of approximately EUR 4 billion.
In January of this year Greenyard launched a turnaround campaign following the posting of disappointing sales figures attributed, in part, to especially “competitive retail landscapes” in Belgium and Germany.
Looking ahead following its recent appearance at the bustling Anuga exhibition in Cologne, the company will be exhibiting at the Private Label Manufacturers Association (PLMA) trade show in Rosemont, Illinois from November 17-19. Visitors are invited to stop by Greenyard stand F416 in the Belgian Pavilion.