Greenyard Foods has reported higher half-year sales but a decline in profitability in the first set of six-month results since the formation of the Belgium-based group earlier this year.

The company was established this summer after canned and frozen food supplier Greenyard merged with fresh produce giant Univeg and agribusiness Peatinvest.

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The enlarged Greenyard yesterday (15 November) published numbers for the six months to the end of September, which took in six months of the old Greenyard and three-and-a-half months of both Univeg and Peatinvest.

Like-for-like figures on a pro-forma were provided for comparison purposes as if the operations of Univeg and Peatinvest were included for six months in both periods.

Sales rose 1.5% to EUR1.98bn, driven largey by 1.4% increase in sales from Greenyard’s fresh division to EUR1.64bn. Greenyard’s prepared foods business saw sales increase by 0.8% to EUR299.9m.

The company reported recurring EBITDA of EUR71.6m, down 17% on the year. 

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Earnings from both Greenyard’s fresh and prepared foods divisions fell. The fresh arm saw recurring EBITDA drop 7.4% to EUR40.8m, amid a change in the unit’s mix of customers and products, as well as higher costs to boost quality.

The company’s prepared foods unit reported a 31.7% slide in recurring EBITDA to EUR26.7m.

Greenyard said the prepared unit had posted “an exceptionally good operational result” in the first half of last year.

However, the company said “above-average stock levels” in Europe and competitive market conditions leading to lower processing volumes and price pressure.

The group posted a net profit of EUR2.2m, compared to EUR23.1m a year earlier.