Findus posts good growth as speculation on UK sale circulates
Following rumours that the company is plotting to sell its UK arm, Findus has posted a positive performance for the 2014 financial year.
In a trading statement, chief executive James Hill announced operating cash-flow of £67m and EBITDA of £91m for FY2014, up 4% on the previous year. This is the second consecutive year of positive growth.
The announcement follows a Sky News report that the company is planning to sell off its UK business arm, which could be valued at hundreds of millions of pounds if a sale took place this year. This positive trading statement would mean the company would be well positioned to do so.
Providing chilled, frozen, branded and own-label, fish, vegetables and meals across Europe, Findus Group offers a wide range of local food to local markets. Findus Group’s portfolio helps to blend risk and the group’s overall growth reflects the diversity and strength of the portfolio as a whole.
The Findus Group has been inextricably linked to the horsemeat scandal after its frozen lasagnes were found to contain up to 100% horsemeat.
The group has recently made acquisitions in Europe, including the Lutosa branded retail business in Belgium, in February 2014, as well as La Cocinera frozen ready-to-eat meals business in Spain – which is subject to approval from the Spanish competition authorities.
Hill said the group was predicted to make more “organic growth” and hoped similar acquisition opportunities arose in the future.
“Findus Group is on track to build on our success during 2014. Our strategy is working and we remain optimistic for 2015,” Hill concluded.
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