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Greenfood’s Interim report first quarter 2023

The first quarter of the year represents a strong start to 2023. Group sales are up 20.7% and Adjusted EBITDA almost doubled.

INTERIM OVERVIEW 1 JANUARY - 31 MARCH

  • Net sales for the period totalled SEK 1,450.1 million (1,201.0) an increase of 20.7%. Out of the increase of SEK 249.1 million, SEK 112.4 million increase is generated at Picadeli, mainly due to a larger established base of buying stores.
  • Adjusted EBITDA was with SEK 42.4 million (22.3) significantly better than the first quarter 2022. The main driver is Picadeli with a SEK 18.2 million increase, caused by increased buying stores, at the same time as 2022 was negatively affected by Covid-19 mobility restrictions.
  • Operating profit/loss amounted to SEK-24.1 million (-37.1) an improvement of SEK 13.0 million.
  • Group net result amounted to SEK -61.3 million (-60.1).
  • Cash flow from operations reached SEK 56.2 million (-45.9), an improvement of SEK 102.1 million.
     

SIGNIFICANT EVENTS DURING THE QUARTER

  • Picadeli announced its continued expansion in the U.S. through the launch of its partnership with Schnuck Markets, lnc., a third and fourth generation, family-owned grocery retailer.
  • Greenfood-owned Salico Oy partnered with Valio Aimo. The agreement includes deliveries of pre-cut fruit and vegetables from the SallaCarte brand range.
  • During the first quarter of 2023, Food Solutions has completed the reorganization of its Finnish operations.

The full report is available at https://greenfood.se/reports-and-presentations

wkr0006.pdf (6.84 MB)