Greenyard upbeat as underlying performance and top line grow

Greenyard upbeat as underlying performance and top line grow

Greenyard Foods has booked a drop in full-year net earnings as one-off costs dented an otherwise stronger underlying performance. 

The Belgium-based produce group's net earnings dropped to EUR0.7m (US$0.79m) in the 12 months to the end of March, compared to EUR17m last year. On an adjusted basis, however, Greenyard said its earnings last year totalled EUR21.9m. 

Likewise, EBIT growth was also hindered by non-recurring items. EBIT stood at EUR73.3m, slightly higher than last year's level of EUR73.2m. EBIT before non-recurring items rose to EUR81.6m versus EUR60.4m a year earlier.

CEO Marleen Vaesen said that the company enjoyed "a healthy performance" with "strong" sales and underlying earnings growth. Revenue in the year rose 7.1% to EUR3.2bn. 

Vaesen said Greenyard is well-positioned following the 2015 merger with Univeg and the strategic initiatives it has since put in place to support growth. 

"We continue to focus on our strategic priorities to drive profitable growth. We aligned the group behind a common mission, vision and values and one single company name, Greenyard. We launched a number of projects to propel future top line growth and reduce our cost base going forward," she said.

"To conclude, we are confident Greenyard has the right strategy and priorities in place to generate profitable growth and strengthen further our position as a global leader of fruit and vegetables in all its forms."