High times for Findus France

Turnover for the frozen fish firm Findus France strips ahead of the market, with the private-equity owned brand posting 8 percent growth, compared to 2 percent for the overall frozen food market.

Presenting this month a snapshot of financials through August 2011, Matthieu Lambeaux, CEO of Findus (South of Europe), underlined that in five years the company has delivered 55 percent growth.

In France, the brand is forecast to record turnover of EUR 210 millionm, compared to EUR 195 million in 2010. Further, on the French market where private label has a considerable footprint, Findus achieved an 8.5 percent slice of the market (in value terms), compared to 4.3 percent 10 years ago. 

Key competitors for the Lion Capital-owned firm include Nestlé, Marie, McCain, Charal and Bonduelle, with Findus eyeing a 10 percent chunk of the market in two years time, rising to 15 percent in the long term.

“The market is slowly consolidating, but without acquisitions and in an organic way,” Lambeaux told journalists.

And in a recent interview with French radio channel BFM, Lambeaux reasoned that over the past eight years the firm’s drive for innovation — packaging, portions, recipes, etc., coupled with the value attached to the brand — have been key factors in feeding into the brand’s growth. “Our products correspondent to consumer needs,” he said.

The healthy figures follow swiftly on from Findus’ announcement this summer that Lion Capital, owner of Findus France since 2006, will invest EUR 9.5 million in three years to modernize its breaded-fish factory in Boulogne, France. 

The announcement came after discussions with the French unions; production at the French factory was mooted to move to a more competitive, UK production site in the group, where costs are less. But an agreement with the French unions will see modified working hours and steps to increase competitiveness which means production — of the 10-year-old Croustibat brand, for example — will remain in Boulogne. Indeed, 50 more staff are slated to join the 200 workers at the factory, with volume capacity expected to reach 20,000 to 25,000 metric tons.

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