STEF Reports Over EUR829m in Income in Q3

STEF, the European leader in temperature-controlled transport and logistics services for food products, generated a turnover of EUR829.8m in the third quarter of 2020 and EUR2,32bn for the first nine months of the year.

“Despite the slight upturn recorded during the summer, the change in the Group’s third-quarter turnover illustrates the lasting effects of the health and economic crisis, as well as the differing degrees to which it has hit the various players in the agrifood sector. Now more than ever, the Group is doing its utmost to support its industrial, retail, and foodservice clients, and is confident in its fundamentals and diversified business model,” Stanislas Lemor, chairman and CEO of STEF said.

While the Group continued to operate in a robust and resilient food business environment, food consumption and habits varied by country. There was even a significant variation in these trends within countries. In France, food consumption enjoyed a marked upturn in July and August but did not return to pre-crisis levels. Retail business was buoyant yet again, thanks to the development of e-commerce, which is attracting an increasing number of consumers, as well as the recovery in traditional distribution channels. The chilled, frozen, and dry and ambient business held up well, as agrifood has been one of the sectors least affected by the crisis. Meanwhile, foodservice and seafood remain severely impacted and have not yet recovered to pre-crisis levels, a company statement reads.

At an international level, the situation remains more difficult in the other European countries where the Group operates, mainly due to the slower economic recovery and lackluster tourist season. For example, turnover in Italy declined due to the divestment of the seafood business and the suspension of contract renewals at the start of the year.

Regarding the maritime operations, the company says 2020 third-quarter turnover was impacted by the reduced scope of the business, which has been limited to departmental port services for Propriano and Porto Vecchio since 1st October 2019. In addition, the summer holiday season failed to offset the impact of the health crisis: tourism and freight transport has been put on hold during the pandemic.

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