Wessanen Q3 2017 trading update: Strong and profitable brand growth
(Thomson Reuters ONE) -
Q3 2017 highlights
* Reported revenue growth of 7.2% (YTD: 11.8%)
* Own brands autonomous growth of 8.9% (YTD: 8.2%)
* EBITE increases to ?12.8 million; EBITE margin of 8.7% (YTD: EBITE
43.4m, 9.2%)
Consolidated key figures Q3 2017
In ? million, unless stated otherwise Q3 2017 Q3 2016 9m 2017 9m 2016 % increase
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Revenue 147.4 137.5 473.0 423.2 11.8%
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Autonomous revenue development of own 8.9% 8.2%
brands(1)
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EBITDAIE(2) 15.1 12.0 49.8 40.5 23.0%
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Normalised operating result (EBITE) 12.8 10.0 43.4 35.0 24.0%
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Operating result (EBIT) 12.2 8.6 42.2 33.0 27.9%
--------------------------------------------------------------------------------
Net financing costs (0.2) (0.9) (1.7) (1.5)
--------------------------------------------------------------------------------
Income tax expense (3.5) (1.7) (11.7) (9.2)
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Profit for the period 8.5 6.0 28.8 22.3 29.1%
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Net debt 69.6 35.3
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(1)Including adjustments for currency
effects and acquisitions/divestments.
(2)Operating result before
depreciation, amortisation,
impairments and exceptional items.
Q3 review
Q3 was another solid quarter for Wessanen. Overall, our own brands achieved
accelerated growth compared to H1 and many of them recorded yet again double
digit growth.
Our German brands are all back in growth as a result of the successful turn-
around plans. We have achieved more listings in Grocery, especially drugstores
with Tartex and Clipper and in the HFS channel re-launched and innovated our
Breakfast Cereals under Allos and added more Dairy Alternatives variants.
Bjorg has yet again grown market share in the organic market in France. The
gluten-free range launched earlier in the year continues to outperform our
business plan and we have launched new almond based Dairy Alternatives and a
large range of Vegetarian Meals, which is a strong growth market in France.
Clipper and Whole Earth have produced double digit growth numbers both in the UK
and internationally. Clipper has launched a new range of green teas in the UK
which is 100% organic and fair trade and Kallo has started a national outdoor
and digital campaign aiming to switch consumers to healthier alternatives such
as the new protein rice cakes. The relaunch of Mrs Crimble's is now being
activated in the trade and new products such as sharing tubs and cracker
extensions have been launched.
In our Spanish business, we are launching a range of Dairy Alternatives and
Vegetarian Meals under Ecocesta, leveraging the portfolio of the Wessanen
family.
In the Benelux, Whole Earth peanut butter is performing very well, as well as
the recently launched Zonnatura Dairy Alternatives which have already assumed
the No. 1 position in organic in the Grocery channel.
We are executing a number of key operations projects such as in-sourcing,
factory restructuring and logistics optimization and the integration of our
acquisitions from 2016 is progressing well.
In Q3 revenue increased by 7.2% to ?147.4 million. Autonomous growth of our own
brands was 8.9% and total autonomous revenue growth amounted to 2.6% as a result
of continued decline in Private Label and Distribution brands (around (20%)).
The acquisition of Piramide, Ineobio, Mrs Crimble's and Biogran contributed
5.2% to revenue and the depreciation of the British pound contributed (0.8)%.
EBITE increased by ?2.8 million to ?12.8 million, mainly driven by higher gross
profit and lower overhead expenses, including lower share-based payment expenses
of ?0.9 million, and the effect of the acquisitions made in 2016. Higher A&P
investments partly offset the EBITE increase. Depreciation and amortisation
expenses increased by ?0.4 million, resulting in an EBITDAIE of ?15.1 million.
We remain confident that 2017 will be a successful year for us and an important
step in further strengthening our business and our position in the market place.
Guidance FY 2017
* Total reported growth is expected to be low double-digit, with continued
strong growth of own brands and the effect of 2016 acquisitions being partly
offset by lower private label and distribution brand sales
* We expect EBITE % of revenue to be above 8% for the full year
* Net financing costs around ?2.0-2.5 million
* Tax rate around 30%
* Capital expenditures ?12-14 million
* Depreciation and amortisation ?9-10 million
Analyst & investor meeting
At 10h00 CET, a conference call for analysts, investors, and media will be
hosted by Ronald Merckx (CFO). The dial-in number is +31(0)20 531 5843. There
will also be a live audio webcast via www.wessanen.com.
The press release and presentation are available for download at
www.wessanen.com.
Important dates
13.02.2018 Publication Q4 and FY 2017 results
Media, investor & analyst enquiries
Ronald Merckx (CFO)
Phone +31 (0)20 3122 126
Email ronald.merckx(at)wessanen.com
Twitter (at)Wessanen_250
For PDF click here:
http://hugin.info/143317/R/2143605/821351.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Wessanen via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 24.10.2017 - 07:00 Uhr
Sprache: Deutsch
News-ID 564838
Anzahl Zeichen: 7012
contact information:
Town:
AT Amsterdam Zuidoost
Kategorie:
Business News
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