Westfleisch not dissatisfied despite halving of profits

Turnover rose by 1,5% to €3,4 billion. Compared to the previous year, this is a relatively small increase. The 2023 annual report states that turnover rose by 11% the year before. EBIT came to €19,7 million, a decrease of 91,4% compared to the EBIT of the previous year. The company's solvency ratio was 2024% in 39,5. This is approximately the same as the level of 2023. In that year, this ratio was 39,9%. The dividend this year will be 4,2%.

Moderate optimism
Despite the weaker result, Uffelmann indicates that he is not dissatisfied. In recent years, costs have increased significantly. Wages are higher, energy is much more expensive and the CO2 tax has increased significantly. According to CFO Carsten Schruck, by streamlining production, it has been possible to write black figures again. Nevertheless, Uffelmann warns against too much optimism. Beef in particular is rapidly becoming more expensive and this may cause consumers to drop out. In order to remain competitive, the CEO has decided to adopt a cautious approach in wage negotiations. He also calls on politicians to provide more certainty to the primary sector.

Westfleisch has managed to profit from the larger German pig market. The company's slaughter figure rose by 4,5% to 6,9 million pigs. On the other hand, the tightness on the cattle market is putting pressure on the results. The number of cattle slaughtered decreased by 5,9% to 385.200 animals. If we look at the meat side of the company, the growth is mainly in the sausage section. The Gustoland intended for this produced no less than 17% more, a total of 63.000 tonnes of sausage. Westenland, which packages meat for retail and produces ready-made meals, saw its volume stagnate at a level of 121.000 tonnes.