ForFarmers first quarter 2023 Trading Update

4 May 2023 - 07:03

Highlights first quarter 20231:

  • Volume Total Feed2: -5.2%; especially due to pressure on volumes in pig sector 
    of which compound feed:     -6.4%
  • Gross profit: -0.6%; due to decline in cluster Netherlands/Belgium 
  • Underlying EBITDA: +4.5%; mainly due to improvement in Germany/Poland and the United Kingdom.

Pieter Wolleswinkel, CEO of ForFarmers: 
"I am honoured to have recently been appointed CEO of ForFarmers, at a time when opportunities and threats are not far apart. To be able to respond quickly and appropriately, we are placing the emphasis in our revised strategy on local approach and responsibility. Market position and returns are important to us. That is why we have recently started a reorganization, so that the local approach can be implemented effectively and efficiently. Knowledge, innovative power and focus on cost reduction are key drivers. After all, volumes are under pressure, as they were in the first quarter. This is mainly due to the impact of bird flu in the United Kingdom and Poland and the crisis in the pig sector. However, the good result in the ruminant sector in the first quarter in the United Kingdom was gratifying. To contribute to the transition of the sector, we must continue to innovate and therefore also to make returns. These are basic preconditions. My colleagues and I are convinced that we can make the adjustments in our approach and business operations and that we can include current and new customers in this transition. We will focus on this change in 2023."

1. Results and developments of the first quarter 2023 are compared to those of the first quarter 2022, unless stated differently
2. Total Feed covers the entire ForFarmers product portfolio and comprises compound feed, specialties, co-products (such as residual flows from the feed industry), seeds and other products (such as forage)