(AFP / GERARD JULIEN)
The ham and surimi manufacturer Fleury Michon has improved its margin in 2023 without it being “comfortable”, its financial director told AFP, who is not making a forecast for 2024 in a “very unpredictable market “.
The French group published “improved results but which remain modest” on Tuesday, summarizes the finance manager, Philippe Teisseire, in an interview with AFP.
Fleury Michon quadrupled its net profit in 2023, to 10.3 million euros, after a meager result in 2022, when it struggled to pass on the surge in its production costs (pork and poultry, energy, etc.). .) in its prices.
Its turnover increased by 5.2%, to 836.2 million euros.
Its net margin therefore stands at 1.2%, a clear improvement but still “not comfortable”, notes Mr. Teisseire.
This recovery was made possible by “price adjustments”, mainly upwards, as well as a “rationalization” of the offer to concentrate on the most profitable ranges.
The group is not making a quantified forecast for 2024 due to a “very unpredictable market” and the uncertainty regarding the volumes which will be sold in supermarkets (more than 80% of the activity is carried out in mass distribution), explains the financial director.
With inflation, distributor brands (Simply at Carrefour, Marque Repères at Leclerc, etc.) are gaining market share and certain departments are moving less than before.
According to Philippe Teisseire, Fleury Michon is “preparing for the future” via the launch of Wok&go, an individual prepared meal in a cardboard tray, but above all its “veggie slices”, an attempt to attack the market for meat replacement products.
These “slices” made from coral lentils, chickpeas or white beans do not seek to imitate the taste of ham, but can be eaten in the same way.
“The goal is to democratize plant-based protein in a market that is struggling to take off,” underlines the director of consumption, Charlotte Defrel.