News Quarterly figures
Clear trend break in ForFarmers results
Quarter after quarter, ForFarmers reported shrinking volumes and eroding profits, but the figures for the first quarter of this year are clearly different in tone. The volume of feed sold shows a slight increase again, continuing the trend from the end of 2023. The Ebitda shows a convincing recovery.
Adjusted for the sale of the Belgian activities and an acquisition in Poland, the sold feed volume increased by 0,2%. Increasing sales volume was also reported in the fourth quarter. Although this was not yet reflected in the figures, because they were only presented in the annual result. The compound feed volume sold increased by 1,2% in the first three months of this year. At first glance these are limited positives, but at ForFarmers this will probably be celebrated with cake after a persistent decline in volumes.
All the more so because profitability shows a strong improvement after last year's first close to red figures. In the first quarter, operational profitability almost doubled. The Ebitda, an important indicator for investors, increases by more than 50%. As with the volumes, concrete profit figures are not mentioned.
'Nice performance'
Pieter Wolleswinkel, CEO for over a year now, speaks of a great achievement that he owes to the chosen course which focuses on a local approach. He says that the reorganization in the United Kingdom is going well, as is the integration of Piast, which was purchased in Poland. "This strengthens our confidence in achieving our set return target." This is 10% of the average invested capital in 2025.
Even after a better quarter, ForFarmers indicates that the focus remains on cost control. They continue to focus on growing and attractive markets. In concrete terms, this means that acquisitions in growth markets continue to be sought. This is something that has been an ambition of the listed company for some time.
Stock price
The ForFarmers share price closed yesterday at €2,42 per share. This is slightly higher than the record low. Two years after the IPO in 2016, the share was traded for more than €12 on the Damrak. The better results may lead to renewed interest from investors.
Wouter Job
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