STEF, the European leader in temperature-controlled transport and logistics services for food products, announced a turnover of EUR824m in the fourth quarter of 2020 and EUR3.14bn for the entirety of 2020.
Fourth-quarter sales were down 7.2% as the COVID-19 crisis had a significant impact on annual revenue, which fell by 8.6% despite an upturn in business in the third quarter and in December, the company’s financial report shows.
The change in turnover in France was impacted by the implementation of a second national lockdown plan to deal with a new wave of the epidemic, leading to the closure of restaurants. On the other hand, frozen, retail, and e-commerce activities benefited from the shift in consumption, particularly during the holiday season.
In the other European countries where STEF is present, the group’s activities are still dependent on the national government measures taken to combat the pandemic.
“In an economic environment still shaken by the health crisis, the Group continues to stand firm even though its sales declined in most countries where it operates and in its main activities in the fourth quarter. Despite the continuing uncertainties about the future of the pandemic, the Group remains confident in its diversified business model. During the period, it has continued to invest, strengthening its positions in Western Europe through a major external growth operation and accelerating its digital transformation throughout Europe,” Stanislas Lemor, chairman and CEO of STEF said.