Prepared fresh produce firm Greenyard has reported double-digit sales growth of 12.2% to €3.7 billion in the third quarter of its financial year.
Price increases accounted for 9.6% of this growth, while volume increases accounted for the remaining 2.6%, the company said in a trading update.
Greenyard added that its performance was 'in line' with its guidance of €4.9 billion for the full financial year ending March 2024.
Francis Kint, chief executive of Greenyard, stated, “After two quarters of strong growth, Greenyard continued with a similar performance in the third quarter.”
Divisional Performance
The Fresh division saw year-on-year sales up 11.5% during the quarter to €3.02 billion.
The performance of the division was boosted by volume growth of 3.5%, the company noted.
The Long Fresh division registered sales growth of 15.3% to €725.1 million, driven by price increases. Volumes remained on a par with the same period last year.
Kint explained, “In Fresh, our growth is driven by volume growth in our Integrated Customer Relationships, marking further progress in the evolution from a trading business to an added-value service business.
“This gives us confidence in our unique approach in the fresh fruit and vegetables category. In Long Fresh, our frozen and prepared fruit and vegetables, we have experienced continued inflation of our costs, especially in our fresh raw materials.”
Outlook
The company is 'on track' to reach an adjusted EBITDA in line with the guidance range of €175 million to €180 million, it noted.
"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,” Kint added.
