Findus reports sales increase in Q2

Frozen food giant Findus Group has announced strong second-quarter results for the three months to 28 March 2015, with sales up by 2% and operational cash flow up 17% on last year. 

“We are focusing on commercial basics to drive market share, underpinned by our cost reduction programme and operational excellence,” said chief executive James Hill. “This approach, along with our continuing focus on our customers, has resulted in EBITDA [earnings before tax, interest, depreciation, amortisation and restructuring] growth in all our markets for the first half of the year.”

This has been driven by ongoing expansion in the chilled market and strong cost performance, he added. The company performed well in southern Europe, particularly in France and Spain, while Belgium benefited from the successful integration of Lutosa, the potato products business that Findus acquired in February 2014.

Sweden, Norway and Finland also performed positively in the first half of the financial year, while Findus Group’s acquisition of frozen ready-meal business La Cocinera in Spain on 1 April, based at the Valladolid factory, has been smoothly integrated.

“Our strong UK EBITDA growth has been driven by continued chilled market growth and strong cost performance. In Southern Europe, we have achieved very strong top-line and bottom-line growth, driven by continued momentum in France and Spain and the successful integration of the Lutosa acquisition in Belgium. 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/US$ foreign exchange rates. We have also achieved EBITDA growth in Norway and Finland for the first half of the financial year.”

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