French vegetable supplier Bonduelle has reported a solid set of results despite the challenges of exchange rate fluctuations.
The canned and frozen specialist reported total sales of €2 billion for the year to 30 June 2016, a 0.7 per cent decline on the year before, but a 2.4 per cent increase at constant exchange rates.
The frozen and fresh processed sectors had a particularly strong year, with 6.2 and 3.8 per cent sales increases respectively, but canned – which represents around half of Bonduelle’s trade – fell 6.3 per cent.
The company said the change in value of the Russian ruble was the biggest negative factor affecting its results.
In Europe results were largely unchanged from a year ago, but the firm said it had seen “remarkable” results on branded lines Bonduelle and Cassegrain, though this was offset by declines in private label canned goods. Bonduelle said it would be “restricting its activities” in this area as a result.
The company has faced a number of other challenges, most notably the closure of its Russy-Bémont canning plant and weather issues affecting the start of the pea harvest, but overall it said the picture was good with an outlook of greater operating profitability at constant exchange rates.
It has also created a “prospective and development” unit, which it said would bring together long-term R&D activity, numerical technologies, international sourcing and manage the group’s expansion.
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