23 November 2016
Highlights third quarter 2016:
- Volume Total Feed decreased slightly
- Gross profit:
- small growth at constant currencies
- ultimately a decrease due to devaluation of Pound sterling
- EBITDA growth in line with the improvement in the first half year 2016
ForFarmers has had a strong third quarter (Q3) 2016, with an EBITDA growth in line with the improvement as reported in the first half year 2016. The volume Total Feed that was sold in Q3 (like-for-like) decreased slightly. Revenue decreased due to lower raw material prices, which are passed on to customers, and the translation of the devaluated Pound sterling. Gross profit showed a small increase at constant currencies, but ultimately a decrease was reported due to the currency effect.
“Due to a strong focus on cost control and further implementation of the One ForFarmers program we are on schedule with the realisation of our Horizon 2020 strategy and the earlier disclosed target with respect to an average EBITDA growth of in the mid single digits at constant currencies”, states Yoram Knoop, CEO of ForFarmers.
In line with one of the pillars of the strategy, the acquisition of Vleuten-Steijn Voeders was announced in Q3. This acquisition was completed at the beginning of October and has led to a stronger market position in the sow and piglet sector in the south east of the Netherlands and in Germany. The integration has started immediately.
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