Based on the group’s new scope of activities, the Bonduelle Group’s revenue for the 1st quarter of financial year 2022-2023 amounted to € 571.3 million, representing a growth of 10.9% at current exchange rates and 4.4% at constant exchange rates.
The strengthening of the Russian ruble compared with the first quarter of the previous year and the continued weakening of the euro against the US dollar generated an additional growth due to exchange rates evolution of +6.5%.
Activity grew in all of the group’s business units, except for Bonduelle Fresh Americas (BFA), which was still penalized by a loss of volumes, partially offset by price increases.
The summer was once again marked in many parts of the world by record heat waves, rainfall deficits and other drought phenomena that had never been seen before. These elements have weighed on volumes as well as agricultural and industrial yields.
Europe Zone
In the first quarter of the year, the Europe zone, representing 61.-% of the business activity, posted an overall growth of 8.8% on a reported figures and 9.5% on a like for like basis* in slightly lower volumes, with growth benefiting from price increases to offset inflation.
While retail sales remained solid, they were once again particularly dynamic in food service (+15.5%). The brands (Bonduelle and Cassegrain) continued to grow, fueled by favorable summer weather for the Bonduelle brand in the ready-to-use fresh segment, and for Cassegrain by the ongoing referencing of the new frozen range.
Non-Europe Zone
Revenue in the non-Europe zone, representing 39.-% of the business activity in the first three months of the year, posted a variation of +14.4% on a reported figures and -4.-% on a like for like basis*. In Eurasia, the Bonduelle brands, and in particular Globus, are still experiencing a solid growth in both volume and value. In the United States, the ready-to-use fresh business activity of Bonduelle Fresh Americas (BFA) business unit recorded a drop in volumes comparable to the one recorded at the end of the previous financial year, following the cessation of the same contracts and a less dynamic market.
These volume declines were partially offset by price increases. The improvement in the service rate, penalized in particular by workforce shortages, should make it possible to maintain the customer base served, as evidenced by the renewal of contracts recorded since the beginning of the financial year, but also by the referral of new delivery centers to existing customers and the winning of new contracts.