Bonduelle accuses one of the largest declines of this Monday session at the Paris Stock Exchange. The action of the vegetable specialist lost nearly 6% after the announcement of annual results, closed on June 30, testifying to a sharp deterioration in profitability. This brings the fall of the title to nearly 50% since the beginning of the year and 70% over five years.
However, Bonduelle had already sounded the alarm on 1er August, on the occasion of the publication of its annual turnover, by revising downwards its forecasts in terms of current operating margin, which should now come out well below the 3.6% initially forecast. For billings up 4.1%, to 2.2 billion euros, current operating profit fell sharply by 3.7%, to 52.8 million, and net profit fell 38%, 35 ,4 million. The current operating margin fell to 2.4% at the end of June.
” The group was confronted during the exercise with the multiplication of adverse factors, explains Bonduelle in its press release : continuation of the health crisis, unfavorable weather impacting agricultural yields and industrial performance, first wave of inflation accentuated by the geopolitical context and the disorganization of supply chains. Furthermore, in connection with some of these factors, the fresh ready-to-use business in North America continued to weigh on the group’s performance, which was not fully offset by the improved performance of the other activities in canned and frozen in Europe, North America and Eastern Europe. »
A publication ” without taste »
Caution is also required for the exercise which has just begun. If turnover, which includes price increases aimed at offsetting cost inflation, is expected to grow by 8% to 11%, current operating profitability will not rise, anticipated at a level of 2.5%, ” i.e. an increase in current operating profitability close to 15% “, specifies the direction of the group. A dividend of 30 cents will be paid for the completed financial year.
A publication ” without taste “, according to TP Icap Midcap, whose prospects are also considered “ optimists in a degraded context. » « If these prospects may already seem unexciting, we do not exclude a new disappointment. “, Estimates the analyst firm, to “keep” on the title but with a target price of 14.2 euros, against 15 previously.