Bonduelle-The annual net profit falls by 38% | Photo credits: Bonduelle
Oct 3 (Reuters) – Bonduelle on Monday reported a 38% drop in its annual profit, due to the COVID-19 crisis, adverse weather conditions affecting harvests, rising wages and disruptions in the supply chain.
The Bonduelle title fell by 3.1% at 9:45 a.m. on the Paris Stock Exchange.
The group, which sells fresh, canned and frozen vegetables as well as ready meals, recorded a net profit for the financial year ended June 30 of 35.4 million euros (not restated for divested activities) against 57. 1 million euros a year earlier.
The owner of the Bonduelle and Cassegrain brands also forecasts revenue growth of 8% to 11% over the 2022-2023 financial year with a current operating margin of 2.5%, citing the volatile environment and the partial sale of its long-term operations in North America.
The group reported for the year a current operating margin rate excluding IFRS 5 of 3.3%. (Report Diana Mandiá, French version Kate Entringer, edited by Sophie Louet)