Belgium-based food group Greenyard Foods, previously known as PinguinLutosa, saw sales slide in the first quarter of its financial year after the sale of its Lutosa business – but underlying revenues were up.
In the three month period to the end of June, the group recorded consolidated sales (continued and discontinued operations) of EUR200.6m (US$265.2m), representing a drop of 4.6%.
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Greenyard sold Lutosa to McCain Foods in May, meaning this finanical year’s first quarter only included two months of sales from the potato division.
The disposal also prompted the company to change its name and the now Greenyard said sales from its remaining businesses were up 2.4%. Sales from its deep-frozen vegetable division increased 2.3% after an increase in volumes of 3.2%.
In the firm’s canning division, sales were up 2.7%. Volumes were up 3.1%.
Greenyard, meanwhile, said the planned acquisition of a site in the UK it leased from GW Padley Vegetables had been completed.
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