NETHERLANDS: FY loss for produce giant The Greenery
Netherlands-based produce supplier The Greenery has filed an annual loss of EUR21m (US$29m) amid falling sales and charges from restructuring measures drawn up to control costs.
The company, which supplies fruit and veg to retailers and food processors, said it fell into the red after a 5% drop in revenue, brought on by "weak" prices in Europe.
A provision of EUR23m allocated to its restructuring plans also hit The Greenery's bottom line. The reorganisation led to the loss of around 350 jobs.
The Greenery believes there will be consolidation in the European retail sector in the coming years, which it says will put pressure on its overheads. It is trying to make its distribution network more efficient, "standardise" its processes and "centralise" the business.
The group, controlled by the Coöperatie Coforta co-operative, said it is already seeing the impact of its early restructuring measures, with more volumes being shipped to its customers direct from growers.
Revenue fell to EUR1.3bn in 2013. The Greenery said that reflected the "disappointing results" seen by fruit and veg suppliers last year amid "weak" prices.
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