The CEO of Greenyard Foods has claimed the Belgium-based fruit and veg supplier had a “good year of transformation”, pointing to higher sales and underlying EBITDA.

The Belgium-based company booked recurring EBITDA from continuing operations of EUR51.4m (US$69.9m) for the year to the end of March, up 18.2% on a year earlier.

Sales were up 1.8% at EUR623.1m. At constant exchange rates, sales increased 3.1%.

“We have realised a sales increase in stable markets and a strong increase in REBITDA and margin. This was largely achieved by an improvement of the operational results, thanks to a clear focus on operational excellence and customer management. The efficiency improvements are important to help offset the cost inflation,” Greenyard CEO Marleen Vaesen said.

Greenyard filed results from continuing operations to take account for the sale of its Lutosa potato business to McCain Foods last year.

From continuing operations, Greenyard made a net loss of EUR3.5m, thanks to a jump in its tax expenses. It made a pre-tax profit of EUR4m, up from EUR695,000 a year earlier.

Its consolidated net profit included two months of results from Lutosa. It reached EUR61.8m, up from EUR11.6m a year earlier.

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