Article/Intelligence
Labeyrie November, December 2022 EBITDA Reaches €34M, Down 24% YoY But in Line With Budget; Cash Position Significantly Ahead of Budget
French fine foods producer Labeyrie turned in a mixed performance over its key Christmas trading period, with combined November and December earnings in line with budget but down 24% year over year as improved margins failed to offset weak volumes. However, the group ended the year with €121 million of liquidity, which was substantially better than expectations and, together with a comfortable maturity schedule, leaves Labeyrie with ample runway to grow back into its capital structure, sources said. Sales reached €281.9 million during the November and December period, which was below the €307.2 million budgeted but up on €274.4 million for the same period a year earlier. The miss was driven by a shortfall in volumes across all products apart from duck, which reached 16,905 tonnes versus 18,025 tonnes budgeted and was down 7.6% versus 18,301 tonnes the prior year period. But stronger margins helped the group achieve its budgeted €34 million EBITDA due to positive pricing power and good performance in terms of yield and productivity, though earnings were down from €44.5 million over the same period a year earlier. Year-to-date December sales reached €574.1 million versus €617 million budgeted and €562.2 million the same time the prior year,[...]