Fuite Group has achieved significantly more turnover and profit in 2022, according to the annual accounts filed with the Chamber of Commerce at the beginning of December. In this report, the family business reports changes in strategy, the consequence of which is that they become less dependent on the Dutch compound feed market.
The group's turnover increased by almost 50% last year to €713.966.000. The significant increase is mainly a result of higher raw material prices, as a result of the war in Ukraine. In addition, the growing sales of veal and the trade in premixes and concentrates also contribute to the additional benefits. Bottom line, profit increased by just under €7 million to €24,3 million.
The net profit margin is 3,41%. A percentage that an average compound feed company in the Netherlands often cannot match. The combination of activities probably contributes to the relatively high profitability. Solvency can be called healthy at 48,5%. It enables the company to realize eye-catching growth plans.
Speaking of which, Fuite Group has grown in recent years to a collection of 27 companies. Compound feed company Gebroeders Fuite is the best known of these. In addition, companies such as Fuite Meat, Fuite Veal, Solprovit and Liprovit belong to the group. It is also notable that the group has an unspecified interest in the FromFarmers cooperative, which is a major shareholder in the listed animal feed company ForFarmers. However, this interest was acquired through an acquisition, the company said in a response.
Less dependent on compound feed
In an explanation of the figures, the management indicates that the strategy is aimed at becoming less dependent on the compound feed market, but that does not make this activity less important. In recent years, we have expanded to other sectors, such as the meat industry and dairy trade. While the compound feed activities focus exclusively on the Dutch market, the meat trade has a European character. The dairy trading activities cover the global market. For 2023, which is now almost over, Fuite expects the compound feed tonnages sold to stabilize or decrease slightly. Stable results are expected in the dairy and meat markets.
Acquisition Gosschalk
The expansion of Fuite Group continued in 2023 with the takeover of the almost bankrupt slaughterhouse Gosschalk from Epe. This was announced in March and completed in early December. The group is thus expanding its meat activities to the cattle sector. With the acquisition of Gosschalk, the sales of veal and beef can be combined. "We can make a double impact in the market with this," he said said board member against Koop Fuite recently Boerenbusiness.
In the annual report, Fuite Group reports that it is still working on a new financing structure. The aim is to expand the business network also in future generations. They also want to contribute to the growing demand for affordable food.