From GlobeNewswire: 2024-05-02 01:00:00

ForFarmers reported strong operational progress in Q1 2024, with autonomous volume growth and a significant increase in operational profitability. The CEO highlighted the positive impact of their local approach on market position and profitability. Key points from Q1 include a 1.2% increase in feed volumes and a 2.7% rise in gross profit to €124 million. The integration of Piast in Poland and the UK reorganization are progressing well, supporting confidence in achieving profitability targets. ForFarmers continues to focus on local strategies, market growth, and cost control to drive sustainable solutions in the food system.

In Q1 2024, ForFarmers saw a 0.2% increase in total volume, adjusted for previous Belgian sales and acquired Piast volumes, with a 1.2% rise in feed volume. Gross profit grew 2.7% to €124 million, primarily driven by more effective purchasing strategies. Operational profitability significantly improved compared to Q1 2023, with underlying EBIT and EBITDA rising by 178.9% and 55.4% respectively. The integration of Piast in Poland and UK restructuring are on track, reinforcing ForFarmers’ commitment to local markets and cost efficiency.

The future outlook for ForFarmers remains positive, with a focus on sustainable farming practices and long-term profitability. The company’s strong performance in Q1 2024 reflects the successful implementation of strategic initiatives and operational improvements. By investing in local markets, reducing costs, and delivering high-quality products and services, ForFarmers aims to support the agricultural sector’s sustainability and ensure a prosperous future for farming. With a commitment to innovation and customer satisfaction, ForFarmers is well-positioned for continued success in the evolving industry landscape.



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