WINFARM : Revenue growth of 9.4% in Q2 2024.
04 September 2024 - 6:00PM
UK Regulatory
WINFARM : Revenue growth of 9.4% in Q2 2024.
PRESS RELEASE
Loudéac, 4 September 2024
Revenue growth of 9.4% in Q2
2024
Farming Supplies: growth
resumes
Farming Production: sales
increase strongly in all regions
WINFARM (ISIN: FR0014000P11 - ticker:
ALWF), the number-one French distance seller of goods and
solutions and provider of advisory and other services for the
farming and breeding industry, today reported its revenue for Q2
2024.
In millions of euros, unaudited |
|
Q2 2023 |
Q2 2024 |
Change |
|
H1 2023 |
H1 2024 |
Change |
Farming Supplies |
|
30.5 |
32.8 |
+7.3% |
|
65.6 |
62.7 |
-4.5% |
Farming Production |
|
2.0 |
2.9 |
+46.4% |
|
4.7 |
6.3 |
+36.0% |
Other1 |
|
0.6 |
0.6 |
-5.3% |
|
1.1 |
1.0 |
-4.8% |
TOTAL |
|
33.2 |
36.3 |
+9.4% |
|
71.4 |
70.1 |
-1.9% |
WINFARM generated consolidated revenue of €36.3m
in Q2 2024, up 9.4% compared with Q2 2023. This positive
performance resulted in particular from a catch-up in
Farming Supplies sales after a disappointing first
quarter, in which exceptionally heavy rainfall negatively impacted
seed orders and delayed the planting of corn plants. Sales were
also driven in Q2 by powerful growth momentum in Farming
Production, following on from what was already a strong
first quarter, up 28.1%.
Over the period, the Farming
Supplies business, marketed under the Vital Concept brand,
posted revenue of €32.8m, up 7.3%. This increase is particularly
notable given the strong growth in Q2 2023, up 10.2% on a
like-for-like basis. The Farming Supplies business returned to
growth in Q2 2024 after stalling for two consecutive quarters owing
to an unfavourable price effect, following several quarters of
higher purchase prices and exceptional weather conditions that
adversely affected orders.
Business was also driven by the contribution of
BTN de Haas (acquired in July 2021), whose catalogue has been
expanded with new ranges under the Vital Concept brand that are
gradually finding their audience. The Landscaping business posted
an increase in sales volumes after the opening of three new depots
in H2 2023, though sales in value terms were impacted by a
persistently unfavourable price effect.
The Farming Production
business, marketed under the Alphatech brand, generated revenue of
€6.3m in Q2 2024, compared with €4.8m in Q2 2023, for a
like-for-like increase of 46.4%. The Global Export business,
accounting for 30% of Farming Production revenue, grew 49% over the
quarter, benefiting from the resumed availability of currencies in
euros. Sales in Asia, the Group’s priority business development
region, also grew substantially over the period, by 42%. The
commissioning of the new production line in April 2023 has proven
decisive in enabling the Group to meet high demand and strengthen
its price-volume competitiveness in segments where it already
enjoys a strong reputation.
“Other activities”, comprising Farming
Advisory (marketed under the Agritech brand) and
Farming Innovation (marketed by the Bel-Orient
pilot farm), a technological showcase and demonstration of the
Group’s agricultural expertise, posted a slight decrease in
sales.
The Group continues to roll out commercial
initiatives for the dairy processing unit, having signed new
contracts in Q2 2024.
Solid gross margin
WINFARM continued its aggressive commercial
strategy aimed at maintaining its leading position in its market.
Promotional actions with certain ranges, combined with other
fundamental measures aimed at boosting average-basket growth, have
already been undertaken with no deterioration in the Group’s gross
margin rate over the half-year.
Next release:
H1 2024 results on 3 October 2024, after market close.
About WINFARM
Founded in Loudéac, in the heart of
Brittany, at the beginning of the 1990s, the Winfarm group is today
the leading French player offering the agricultural, livestock,
horse-breeding and landscape markets a range of consultancy,
service and distance selling products and global, unique and
integrated solutions to help them meet the new technological,
economic, environmental and social challenges of the new generation
of agriculture.
With a vast catalogue of more than 35,000
product references (seeds, phytosanitary, harvesting products,
etc.), two-thirds of which are marketed under own brands, WINFARM
has more than 45,000 customers in France, Belgium and the
Netherlands.
By 2025, WINFARM aims to achieve revenue of
around €200m and an EBITDA margin of about 6.5%.
For more information about the company:
www.winfarm-group.com
Contacts:
WINFARM
investisseurs@winfarm-group.com |
|
ACTIFIN, Financial Communications
Benjamin Lehari
+33 (0) 1 56 88 11 11
Benjamin.lehari@seitosei-actifin.com |
ACTIFIN, Financial Press Relations
Jennifer Jullia
+33 (0)1 56 88 11 19
Jennifer.jullia@seitosei-actifin.com
|
1 revenue from consulting and training services,
marketed under the Agritech brand, and operating activities of the
Bel-Orient pilot farm
- WINFARM_PR_Sales_H1_2024_FR_vdef_EN
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