Sligro Food Group - H1 sales beating, results in line
• H1 sales exceeded our estimates on the back of improving volume trends• Results were in line, depressed by additional costs for stabilizing the Antwerp branch and the Metro integration. Based on the H1 results we do not expect to make material changes to our estimates• We maintain our Hold rating and 12m TP of EUR 18Sligro Food Group NV is a company engaged in the food distribution industry, based in the Netherlands. It divides its business into two segments: Food Retail activities comprise around 130 full-service EMTE supermarkets with 30 operated by independent retailers; Food Service offers nationwide network of cash and carry and delivery service outlets serving large and small-scale hospitality, establishments, leisure facilities, volume users, company and other caterers, forecourt retailers, small and medium-sized enterprises, smaller retail businesses and the institutional market. The Company serves the institutional market trading under the name Van Hoeckel and the other segments of the market as Sligro. The Company's subsidiaries include CaterTechBV and Bejaco NV, including its subsidiaries JAVA BVBA and Freshtrans BVBA, jointly known as JAVA Foodservice.
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