Belgium-based vegetable supplier Greenyard Foods has reported higher underlying half-year profits.
CEO Marleen Vaesen cited the company’s “continuous focus on efficiency and portfolio mix”.
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Net profit from continuing operations in the six months to 30 September was EUR14.3m (US$17.8m), compared to a loss of EUR3.3m a year earlier. Recurring EBIT almost doubled from EUR12.6m to EUR23m.
On a reported basis, Greenyard’s net profit of EUR14.3m compared to the EUR62.2m it booked in the first half of the previous year, when the company benefited from two months’ contribution from the potato business it subsequently sold to McCain Foods.
Sales inched up 0.7% to EUR297.6m but CEO Marleen Vaesen did point to higher production volumes. Frozen sales were down 1.9% but Greenyard saw sales of canned food grow 5.3%.
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By GlobalData
