Finnish food company Apetit has issued a profit warning for its fiscal 2025, citing “delays in harvest production”.
Excluding the impact of its acquisition of Foodhills, completed in November, the group is forecasting an operating result of €5.6-6.6m ($6.7-$7.8m) for 2025, compared with €9.3m in 2024.
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The company said it had previously guided that its operating result, without the acquisition effect, would “slightly decrease” from the prior year.
In a statement on Friday (12 December), Apetit said “timing of harvest production and its completion affects the inventory valuation” in its fiscal year.
It added that harvest delays linked to “production-related reasons” and smaller production volumes than anticipated for the year together will “decrease” the operating results of its Food Solutions business, which makes frozen vegetables and ready meals.
While Apetit said it did not anticipate the delay will have a “significant impact” on the underlying Food Solutions unit, the timing effect will still depress the division’s operating profit.
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By GlobalDataWhen the acquisition of Foodhills was disclosed two months ago, Apetit said it was acquiring all of the Swedish pea supplier’s share capital for Skr100 (then $10.56).
As part of the transaction, it repaid Skr20-30m of loans previously granted by the former owner, resulting in a final purchase price of Skr60m.
Foodhills operates one production plant located in Bjuv, Sweden, and supplies customers in foodservice primarily for the Swedish market. The group posted net sales of Skr167.8m in 2024 but made an operating loss of Skr54.7m.
Apetit said on Friday it expected the contribution from Foodhills’ operating performance in December on its Food Solutions segment to be “negative”.
The Finnish company also flagged a “significant” non-cash accounting impact arising from the bargain purchase of Foodhills.
Apetit estimates that this positive impact on its operating result will amount to €8-10.5m and will be recognised in its annual figures for 2025.
