WINFARM : Q1 2023 revenue up 24% (of which 6% organic growth).
10 Maggio 2023 - 6:00PM
WINFARM : Q1 2023 revenue up 24% (of which 6% organic growth).
PRESS RELEASE Loudéac, 10 May
2023
Q1 2023 revenue up 24%
(of which 6% organic growth)
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
released its Q1 2023 revenue.
In millions of euros, unaudited |
Q1 2022 |
Q1 2023 |
Change |
Change at constant scope 1 |
Farming supplies |
27.5 |
35.1 |
+27.4% |
+7.5% |
Farming production2 |
3.0 |
2.7 |
-9.9% |
-9.9% |
Other |
0.3 |
0.5 |
+42.4% |
+42.4% |
TOTAL |
30.8 |
38.2 |
+24.0% |
+6.2% |
WINFARM made consolidated revenue in Q1 2023 of
€38.2m, up 24% compared with Q1 2022 (+6% at constant scope1). This
performance is all the more remarkable given the sharp increase in
activity already recorded in Q1 2022 of +20%, of which 9% at
constant scope.
Over the period, the Farming
Supplies business (92% of total revenue),
marketed under the Vital Concept brand, posted revenue of €35.1m,
an increase of 27%. WINFARM benefited during the quarter from the
€5.5m contribution from the Kabelis Group companies, whose activity
has been consolidated within the Group's scope since August 2022.
At constant scope, excluding Kabelis, activity was up 7.5% in the
first three months of the year, confirming solid momentum in a
context of gradually easing prices.
The Kabelis Group companies, acquired in July
2022, and BTN de Haas, acquired in the Netherlands in July 2021,
contributed significantly to growth for the period, with both
activities showing growth of 10% in Q1 2023. These performances
reflect the relevance of the acquisitions made by WINFARM in recent
years, and the Group's ability to successfully integrate them.
Revenue from the Farming
Production business (7% of total
revenue), marketed under the Alphatech brand, came to €2.7m, down
9.9%. After a sharp increase of 25% in 2022, of which 42% in the
fourth quarter, this activity showed a one-off decline in the first
three months of the year, reflecting the Group's ongoing strategy
of building its own production capacities with a view to increasing
the quality of its products while limiting purchases of processed
materials from mix producers. Against this backdrop, the gradual
ramp-up of its industrial set-up temporarily weighed on
available-for-sale volumes.
The first quarter also brought temporary
difficulties in achieving exports in euros. The Group generates a
significant proportion of its revenue in Pakistan, Bangladesh and
Egypt, three countries that are occasionally affected by a
limitation of their purchases in euros. WINFARM is currently seeing
an improvement in this situation.
The "other activities" which comprise Farming
Advisory and Farming Innovation, recorded a sharp increase in
sales.
2023: Continued growth and an
improvement in margins
In 2023, WINFARM expects growth to continue,
with a gradual return to more normative price levels. As it did in
2022, the Group will work on maintaining strict financial
discipline to limit the weight of certain operating expenses (such
as fuel) in order to improve its margins.
After the successful acquisition of BTN of Haas
in 2021 and the Kabelis Group companies in 2022, WINFARM continues
to explore external growth opportunities, outside France in
particular, to strengthen its positions and establish a stronger
foothold at the European level.
In the longer term, the Group has reasserted its
ambition of achieving revenue of around €200m and EBITDA margin of
around 6.5% by 2025.
Next release:H1 2023 revenue on
5 September 2023, after market.
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:
WINFARMinvestisseurs@winfarm-group.com |
|
ACTIFIN, Financial CommunicationsBenjamin
Lehari+33 (0) 1 56 88 11 11winfarm@actifin.fr |
ACTIFIN, Financial Press RelationsJennifer
Jullia+33 (0)1 56 88 11 19jjullia@actifin.fr |
1 excluding the consolidation of Kabelis Group
companies in revenue2 revenue from Farming Advisory (under the
Agritech brand) and Farming Innovation (under the Bel Orient brand)
services
Grafico Azioni Winfarm (EU:ALWF)
Storico
Da Apr 2024 a Mag 2024
Grafico Azioni Winfarm (EU:ALWF)
Storico
Da Mag 2023 a Mag 2024