STEF Q2 Turnover Contracts by 19,2%

STEF, one of the major European players in temperature-controlled transport and logistics services for food products, generated turnover of EUR697.5m in the second quarter of the year, 19,2% lower when compared to the previous period. The Group achieved turnover of EUR1.491bn for the first six months of the year, a contraction of 10.5%.

In France, nearly two months of lockdown adversely affected turnover, which was down 12.3%. The two businesses most impacted were foodservice (-42%), with most restaurants remaining closed until early June, and seafood (-26%), due to the sector difficulties and the lack of wholesale business, the main distribution channel for these products. The chilled products business contracted 14.3%, largely due to a slowdown in food consumption, while the frozen goods business dropped 6.2% due to a decline in incoming and outgoing shipments compared with 2019.

Retail was the only growth business, up 13.8%, largely driven by the development of e commerce and the shift in foodservice business toward traditional distribution channels.

In other European countries, the impact of the crisis was somewhat offset by the smaller relative weighting of the foodservice and seafood businesses and solid momentum in retail.

Italy, Spain and Portugal demonstrated a good resilience, while Belgium and the Netherlands were more adversely affected. Only European flows and Switzerland achieved sales growth.

“The Group overcame a twofold challenge this quarter, with the Covid-19 health crisis adding to an abrupt economic slowdown. All our businesses were affected across all countries in which we operate, with the exception of retail. In consequence, we launched an adjustment plan and secured financing to continue rolling out our medium- and long-term strategy. All employees did their utmost to provide the best possible service to our clients, maintaining normal service for consumers despite today’s unprecedented challenges,” Stanislas Lemor, chairman and CEO of STEF stated.

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