Belgian vegetable processor Greenyard is well on track, posting a 12.2 % increase in sales in the first three quarters of the year, with an acceleration in the third quarter.
“Necessary” price increases
Over the past three quarters, Greenyard’s sales rose 12.2 % to 3.74 billion euros, mainly thanks to price increases. Three quarters of the growth was due to higher prices, with the rest coming from volume increases. Volume growth came only in the Fresh category (+ 3.5 %), while in the Long Fresh division (canned and frozen), “necessary” price increases accounted for 15.3% growth.
Costs rose sharply in the Long Fresh category, CEO Francis Kint indicates, but these were well within the company’s control and therefore have no further impact on profitability. Greenyard continues to expect adjusted EBITDA between 175 million and 180 million euros in the financial year ending 31 March. The vegetable processor is also sticking to its forecast of 4.9 billion euros in annual sales.
