Findus Group reveals Q2 financial status

Published on
May 22, 2015

It was a solid Q2 for the Findus Group, with sales up by 2 percent and EBITDA climbing 17 percent over last year.

Those increases are mostly thanks to a heightened focus on commercial basics to drive market share, operational excellence and the company’s cost reduction program, according to James Hill, the chief executive of Findus Group.

“Our strong UK EBITDA growth has been driven by continued chilled market growth and strong cost performance,” Hill explained.

Consistent momentum in France and Spain as well as the successful integration of the Lutosa acquisition in Belgium has contributed strongly to top-line and bottom line growth in Southern Europe for the Norwegian seafood and frozen food company. Acquisition of La Cocinera in Spain on 1 April was a success for Findus Group, and continues to show promise as processes become further integrated.

Sweden, Norway and Finland also saw growth and recovery during Q2 for the group: “The strong recovery in EBITDA in Sweden has been driven primarily by market recovery and price/mix management to recover inflation driven by adverse SEK/ USD FX rates. We have also achieved EBITDA growth in Norway and Finland for the first half of the financial year,” said Hill.

The company boasts a new management team including Steven Libermann, who is taking over as the new CEO of Findus Southern Europe, and Jørn-Gunnar Jacobsen, who has filled the role of CEO for Findus Norway. [Read More: http://www.seafoodsource.com/news/supply-trade/28215-seafood-industry-leaders-on-the-move-vol-i]

As of now, Findus Group is on track “to deliver modest growth in net sales and EBITDA for the full financial year ending 2015, on a constant currency basis,” concluded Hill.

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