Stef second quarter turnover up 8.3%

Paris, France: Stef reports that its second quarter turnover is up 8.3% to €863.4m.

Growth was against a “less favourable environment than in 2018” Stef said in a statement. Like-for-like turnover was up 5.7%. As at 30 June 2019, the total turnover totalled €1,665.9m, an increase of 7% (+4% like-for-like).

Stanislas Lemor, chairman, Stef, said: “This good performance reflects continued positive food consumption in Europe and the positioning of Easter in the second quarter. “This performance is supported by our recent acquisitions in France and in the European countries where we are present.”
 
Among its business units, Stef France saw goods lifted up 3%, The latest acquisitions of Grégoire Galliard (January 2019), which carries chilled and frozen food products, and Express Marée (July 2018), which carries seafood, contributed €2.8m and €9.8m respectively to quarterly turnover.
 
Stef’s international business saw strong growth in Italy and Portugal. Stef’s Italy turnover increased by 8.4% on a like-for-like basis thanks to the mid-market segment and new business development. Activity in Portugal increased by 15.3% with bettwer performance from its groupage network and the strengthening market share.

Dutch company Netko, which Stef took over in March this year generated turnover of €3.3m over the period, while the frozen food activities of Italian group Marconi, acquired in May 2018, amounted to €15.7m in the second quarter.

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