To sign up for Analytiqa's free weekly newsletter, please enter your details below.
Analytiqa will not share this information with third parties.
Positive momentum across all businesses and countries in Q3
STEF generated turnover of €920.1 million in Q3, 2021, a 10.9% increase, 9.0% like-for-like. The Company saw positive momentum across all businesses and countries in which it operates. Group turnover at 30 September 2021, for the 9M, 2021 pwriod, amounted to €2,557.0 million, an increase of 10.2%, or 8.1% like-for-like.
STEF France reported a 5.8% increase in Q3 revenues to €535.4 million. The chilled products segment benefited from sustained food consumption and the resumption of outdoor events in the summer. Frozen activities maintained a high warehouse fill rate in a context of rising electricity prices. Foodservice saw solid growth, buoyed by the reopening of terraces and restaurants, though retail business was impacted by the termination of a contract in March and subdued growth in traditional distribution channels. Seafood continues to be affected by the difficulties facing the fishing industry.
STEF International saw a 21.5% increase in Q3 revenues (14.1% like-for-like) to €255.9 million. In Belgium, the Netherlands and Italy, the recent acquisitions and distribution agreements with Nagel boosted sales momentum. Spain and Portugal saw sustained growth, marked by the expansion of a contract for distribution in Spain and the opening of a new platform near Lisbon. In Switzerland, the efforts of sales teams continued to deliver results, improving fill rates for both
chilled and frozen products.
The Maritime division saw Q3 revenue increase 74.1% to €26.3 million. The removal of health restrictions had a positive impact on the tourist season and passenger travel to Corsica and Morocco. There were mixed results for freight transport, with plenty of activity between Corsica and the continent, while the Marseille-Tangier link picked up more slowly than expected.