STEF posted solid results at the end of H1, despite a contraction in volumes in Q2. The group also recorded the positive impact of capital gains on disposals of assets for a total amount of EUR10m.
The frozen products business posted a lower fill rate for its warehouses following the departure of a customer at the beginning of the year and suffered from the surge in electricity prices. Meanwhile, the out-of-home catering business recorded satisfactory levels of development thanks to the signing of new contracts and the initial effects of the finalisation of its specialised network. The seafood business benefited from its reorganisation, which has a positive impact on its profitability.
Spain is enjoying very strong momentum and consolidating its transport network dedicated to chilled and frozen food products with the acquisition of the TTC Group in Galicia in early July. Switzerland is launching a major project on its Kölliken site and is strengthening its position in the frozen segment with the acquisition of Frigosuisse in the German region. In the United Kingdom, the Group continued to integrate Langdons, acquired on 31 December 2021, which performed well in a highly competitive market.
“After a dynamic post-COVID recovery cycle that enabled the Group to post solid half-year results, we are faced with an acceleration in inflation, which is weighing heavily on our operating expenses, combined with an unprecedented surge in energy prices, particularly electricity. In this increasingly uncertain environment, the Group is preparing for the slowdown in activity in the coming months,” said Stanislas Lemor, chairman and CEO of STEF.