Trading update Q1 2017/2018
Sint-Katelijne-Waver, Belgium, August 29, 2017 - Greenyard (Euronext Brussels: GREEN) announced its trading update for the first quarter ending June 30, 2017
• In Q1, sales came in at € 1,110.0m. Internal growth was stable against a strong comparison base (+5.9% in Q1 16/17). FX impacted sales negatively by 0.4%, mainly related to the GBP.
• Segment performance in Q1:
- Fresh’ internal sales were stable (+0.1%) vs strong growth last year (+6.4% Q1 16/17).
- Long Fresh witnessed a drop in sales reflecting shortage of supply, related to last year’s difficult harvest. This impact could not be compensated by ongoing price and price-mix improvements. FX compressed sales by 0.9% caused by the GBP.
- Horticulture grew by 3.6%.
• On June 14, Greenyard announced the acquisition of Mykogen, a leading player in mushroom substrate. Meanwhile the procedure with the antitrust authorities is evolving as anticipated. As such, the transaction is expected to be closed before year-end, as was communicated previously.