Highlights for first-half 2018(1):
- Total Feed(2) volume: +2.1% at 4.8mT; growth in the Netherlands and Germany/Belgium, decline in the United Kingdom
- Compound feed volume: +0.7% at 3.3mT; stable in the Netherlands and the United Kingdom, growth in Germany/Belgium
- Net revenue: +2.8% at €1,141.6 million; like-for-like growth equalled 3.9%
- Gross profit: +5.0% at €217.7 million; like-for-like growth (6.2%) in all clusters due to a.o. product mix, volume growth at specialties, contribution from strategic partnerships and passing on of higher energy prices
- Underlying EBITDA : +1.2% at €52.3 million; like-for-like increase in all clusters (totalling 4.4%)
- Incidental gain of €5.4 million (pre-tax), mainly relating to the sale of the arable activities in the Netherlands
- Profit (attributable to shareholders): +14.5% at €34.8 million
- Basic earnings per share: +20.7% at €0.35, total increase of €0.06, of which €0.04 from profit growth and €0.02 from the effect of the share buy-back programme
(1) Results for the first half of 2018 are compared to the results for the same period of 2017
(2) Total Feed covers the entire ForFarmers product portfolio and comprises compound feed, specialties, co-products (including DML products), seeds and other products (such as forage).
Commenting on the first-half 2018 results ForFarmers CEO Yoram Knoop said:
We are satisfied with the progress we have made in the first half of 2018 with regard to all four pillars of the Horizon 2020 strategy. Our focus on improving on-farm returns was once again reflected in an improved feed efficiency for the animals of our customers. In addition it helped us win more new customers. Total Feed volume saw like-for-like growth and the relating gross profit showed even stronger growth. It is encouraging that we were able to realise a like-for-like improvement in underlying EBITDA in all the clusters, with Germany/Belgium in particular achieving a satisfactory increase.