Stef Group, a specialist in cold logistics for temperature sensitive and agro food products, has revealed its financial statements for 2018. Furthermore, the Group’s board of directors proposed a change in governance to take effect following the general meeting on 30 April.
According to the official press release in 2018, Stef Group strengthened its position by entering the frozen food market in Italy. The company also solidified its position on the French seafood market and created six new sites, thus further expanding its operations.
However, performance was impacted by year-end traffic problems due to disrupted social climate in France and by the positions still to be consolidated in the Netherlands, in Switzerland, and in out-of-home catering in France. Even so, Transport France activities were driven by steady growth to EUR94.2m from the previous EUR71.9m. But out-of-home catering structuring efforts and the significant increase in energy costs weighted on Logistics France’s performance which registered EUR8.3m, down from the EUR17.6m in 2017.
During the period, current operating margin remain stable at 4.7% of turnover (excluding trading). The Group increased its equity from EUR628m to EUR695m and double its investment to EUR350m in 2018.
“2018 was a good year in terms of turnover but a more mixed year in terms of operating income. With moderate growth expected in 2019, the Group decided to focus on improving its service quality, speeding up its specialization strategy, and continuing to strengthen its transport network in Europe,” said Jean-Pierre Sancier, chief executive officer of the Group.
During the same occasion, in view of the resignation of Francis Lemor and Jean-Pierre Sancier, the Board of Directors decided to combine the functions of Chairman and Chief Executive Officer. As a result, Stanislas Lemor has been appointed into the newly created joint position. Marc Vettard will step in as deputy chief executive officer in charge of operations.
“On behalf of the Board of Directors and myself, I would like to reiterate my deepest thanks to Jean-Pierre Sancier for his work and his years of effective, successful leadership of the Group,” said president Francis Lemor.
