Foreign exchange hit Greenyards sales

Foreign exchange hit Greenyard's sales

Foreign exchange has weighed on sales at Belgium-based frozen and canned food group Greenyard Foods.

The company, renamed after PinguinLutosa sold its Lutosa potato products business to McCain Foods, booked revenue of EUR462.5m (US$625.3m) for the nine months to the end of December, down 0.2% on a year earlier.

Canned foods sales were up 4.3% at EUR161.1m. However, revenue from frozen food, Greenyard's largest division, fell 2.4% to EUR301.4m thanks to changes in the value of sterling and the Brazilian real.

CEO Marleen Vaesen said: "We have achieved a reasonably stable sales value in the first nine months of the accounting year where negative exchange rate results neutralised the growth. Our expectations for the full accounting year remain unchanged. We also continue to build the foundations in order to achieve further growth in sales and profitability for the long term."

Greenyard is set to report its annual results on 20 May.

Click here for the full statement from Greenyard.