Findus continues to deliver strong growth

THE Findus Group, owner of Young’s Seafoods, is continuing to deliver a strong performance, with sales for the second quarter up by two per cent and operating profits (EBITDA) showing an increase of 17 per cent.
Chief executive James Hill said: ‘We are focusing on commercial basics to drive market share, underpinned by our cost reduction programme and operational excellence.
‘This approach, along with our continuing focus on our customers, has resulted in EBITDA growth in all our markets for the first half of the year.
‘Our strong UK EBITDA growth has been driven by continued chilled market growth and strong cost performance.
‘In southern Europe, we have achieved very strong top line and bottom line growth, driven by continued momentum in France and Spain and the successful integration of the Lutosa acquisition in Belgium.
‘The strong recovery in EBITDA in Sweden has been driven primarily by market recovery and price/mix management to recover inflation driven by adverse SEK/ USD FX rates.
‘We have also achieved EBITDA growth in Norway and Finland for the first half of the financial year.’
The Findus Group completed the acquisition of La Cocinera in Spain at the start of April and the company is in the process of integrating the operations. The early indicators are all positive.
It has also  recently refreshed its senior management team in Norway and southern Europe with Steven Libermann as the  new CEO of Findus Southern Europe and Jørn-Gunnar Jacobsen as CEO of Findus Norway.
‘Findus Group is the leading provider of fish and seafood in the United Kingdom and of frozen food in the Nordics and France,’ said Hill.
‘Across western Europe, we are the second largest frozen food producer by turnover.
‘We maintain the leading market share in each of our principal geographic markets, with more than 6,000 employees and a turnover in excess of £1.1 billion.
‘Findus Group remains on track to deliver modest growth in net sales and EBITDA for the full financial year ending 2015, on a constant currency basis.’