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International Internet Magazine. Baltic States news & analytics Friday, 29.03.2024, 08:49

Revenue of PRFoods grows to EUR 18.1 mln in Q3

BC, Tallinn, 13.10.2017.Print version
The unaudited consolidated revenue of the listed Estonian food trader PRFoods in the third quarter of 2017 increased 72.1% year over year to 18.1 million euros, informs LETA/BNS.

Sales revenue in the first nine months of this year increased 36.8% on year to 41.8 million euros, comparable sales revenue in the same period increased by 4.6 million euros or by 15%, the company told the stock exchange.


The company's pro forma revenue of the first nine months of this year would have been 79.6 million euros if all companies had been in the group since the beginning of the year. Sales quantity in the first nine months increased 6.6% to 5,000 tons. Comparable sales volume decreased by 9.8% or 457 tons.


The decrease in quantities is in line with group's plans as PRFoods is continuously removing low margin products from its product portfolio.


The acquisition of John Ross Jr., Coln Valley and Trio Trading has increased the group's sales by 6.6 million euros and will further support the company's strategy of international growth and increasing profitability.


The company said that as raw material prices increased in the last nine months, in order to maintain margins, it was necessary for the company to also increase their sales prices and this process is being executed. Salmon prices have started to decrease, which the company hopes will help boost their margins in the fourth quarter. Rainbow trout prices have also started to decrease.


The largest increase compared to the previous year in revenue came from the smoked products group, which increased by 67.9% to 19.1 million euros. The revenue from the raw fish and fillets products group increased by 15.2% to 16.5 million euros and the revenue from the other fish product group increased by 23.8%, revenue from the first nine months of this year totaled 6 million euros.  


Based on client segments, the revenue in the first nine months of 2017 increased the most in the HoReCa sector, by 41.5% to 14.1 million euros, while revenue in the retail chains sector climbed 22.6% to 17.9 million euros and 64.7% to 9.6 million euros in the wholesale sector.


Finnish revenue in the first nine months of 2017 increased by 28.6% to 32.5 million euros, making up 77.8% of the total revenue. Revenue in Estonia decreased by 7.4% to 3.3 million euros, making up 8% of the total revenue. Sales revenue from the UK market was 3.2 million euros and the share of the market made up 7.7% of the total revenue. Revenue generated in other countries in the first nine months of this year increased by 62.2% to 2.7 million euros.






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