(AOF) – Bonduelle, the French specialist in canned and frozen vegetables, recorded a 38% drop in its net profit, to 35.4 million euros, for its staggered 2021-2022 financial year, weighed down by inflation and the difficulties encountered by its activities in North America. The current operating margin fell to 2.4% and should remain “stable” at 2.5% over the following year in a “particularly uncertain and volatile environment”, the group said in a press release.
Turnover should increase by 8% to 11% over 2022-23 thanks, in particular, to price increases aimed at “compensating for inflation”.
Among the unfavorable elements that weighed on the financial year ended June 30, Bonduelle retains the “continuation of the health crisis”, “unfavorable weather” for agricultural yields, a “first wave of inflation accentuated by the geopolitical context” and supply difficulties.
2021-22 revenue, already communicated in early August, reached 2.9 billion euros, up 4.1% year-on-year. In Europe, where the group achieved some 47% of this turnover, it is notably driven up by a jump of “more than 30%” in out-of-home catering.
While the group’s frozen product sales increased by 12.4%, its fresh products activities fell by 2.9%, impacted among other things by a poor performance by Bonduelle Fresh Americas (bowls, salad kits, snacks, etc.).
The revision of the profitability outlook for this branch also led to a depreciation of 137 million euros, weighing on the annual result.
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