“In the first half of 2014 ForFarmers realised a strong improvement in its operating result. The decline in turnover was caused by lower raw material prices which were passed on to our customers. Gross profit was up 6% in the first half of the year, because of synergy in the area of nutritional expertise. We continued our international expansion in the first half of the year.” That was the statement of Yoram Knoop in this morning’s press release concerning the operating result in the first half of 2014.
Key developments first half 2014:
- Operating result increased by 33% to € 27.2 million, compared with € 20.5 million in the first half of 2013.
- Compound feed volume rose slightly by 1% to 3.2 million tonnes, partly on the back of the acquisition of HST Feeds. Excluding the impact of acquisition, compound feed volume remained unchanged.
- Turnover declined by 9% to € 1,249 million, due to a drop in raw materials prices.
- Gross profit up by 6% compared to the first half of 2013; all countries contributed to this increase.
- Increase in solvency to 45.9%, from 44.2% at year-end 2013.
- Solid progress in One ForFarmers strategic programme: internal organisation strengthened and total re-branding of the activities has been launched (exl. Reudink, Pavo and PoultryFeed).
- Continued expansion in United Kingdom with the acquisition of HST Feeds in February and Wheyfeed shortly after the end of the first half of the year.
Please download the complete version of the press release here.
A summary can be downloaded here as well.