ALWF Winfarm

Winfarm : Solid H1 2022 results.

Winfarm : Solid H1 2022 results.

PRESS RELEASE

Loudéac, 6 October 2022



SOLID H1 2022 RESULTS

Strong revenue growth of 18%

Gross margin up 19% and EBITDA up 13%

Confidence confirmed in a climate of increased vigilance



WINFARM (ISIN: FR0014000P11 - ticker: ALWF), No. 1 French distance-seller for the farming industry, announced its consolidated results today for the first half of 2022.

On 06 October 2022, the Board of Directors approved the consolidated financial statements for the financial year ended 30 June 2022. These financial statements have been subject to a limited review by the statutory auditors, and the certification reports are currently being prepared.

Consolidated data, French accounting standards,

Limited review, in €k
H1 2022H1 2021Chg.
Revenue61,45851,996+18%
Gross margin20,37217,097+19%
As a % of revenue33.2%32.9% 
EBITDA2,5202,221+13%
As a % of revenue4.1%4.3% 
Depreciation, amortisation and provisions(1,612)(1,318) 
Operating income/loss9001,023-10%
Financial income (expense)(64)(91) 
Non-recurring profit/loss(171)92 
Corporate tax(159)(461) 
Net income (Group share)572660-13%

Strong revenue growth of 18%

WINFARM made consolidated H1 revenue of €61.5m, up 18% compared with H1 2021 (+7% at constant scope), driven by all of the Group's markets.

The Farming Supplies business (90% of H1 revenue), whose products are marketed under the Vital Concept brand, made revenue of €55.2m, up 19% compared with H1 2021.

It benefited from the integration of the €6.3m contribution from BTN de Haas (consolidated since July 2021). Organic revenue growth reached 7% on a like-for-like basis.

The positive sales trend over the period was due to the price increases recorded by the Group to offset higher purchase prices as well as continued good sales momentum. Within this division, the Vital Concept nutrition activity grew by more than 15% in H1, contributing to the division's overall growth of 67%. Given the current period of drought, farmers are likely to supplement livestock feed in the coming months, thus boosting the outlook in the months ahead.

The horse and landscape diversification markets enjoyed continued good sales trends, up by 17% and 22% respectively.

The Farming Nutrition business (9% of H1 revenue), marketed under the Alphatech brand, saw revenue increase by a sharp 14% to €5.5m.

The roll-out of a dynamic sales plan underpinned by an increase in commercial resources and teams began to show results, with a significant increase in sales in the Middle East in particular, a priority area of development for the Group.

Gross margin up 19% and EBITDA up 13%

The Group's gross margin rose by 19% to €20.4m, representing 33.2% of H1 2022 revenue, compared with 32.9% of revenue in H1 2021. This faster increase in gross margin compared with growth in revenue is all the more noticeable in the current inflationary environment and illustrates the Group's ability to effectively pass on purchase price increases to its sales prices.

The increase in activity combined with good control of expenses over the period resulted in a 13% increase in EBITDA to €2.5m, giving an EBITDA margin of 4.1% of revenue, virtually stable in relation to H1 2021.

The Farming Supplies business generated EBITDA of €3.8m, up by a sharp 59%, giving an EBITDA margin of 6.9% compared with 6.1% in H1 2021.

Profitability in the Farming Nutrition business was temporarily hampered by the measures introduced to help revive business which entailed an aggressive pricing policy to strengthen market share and increased commercial resources to support the roll-out of this activity boosting plan, the positive effects of which are expected to continue in H2 2022.

After taking into account depreciation, amortisation and provisions, operating income came to €0.9m compared with €1.0m in H1 2021.

Net income (Group share) came to €0.6m versus €0.7m in H1 2021.

A SOLID FINANCIAL STRUCTURE

As at 30 June 2022, the Company had shareholders’ equity of €23.1m compared with €22.7m at 31 December 2021, with financial debt of €29.6m (including amounts due to credit institutions, financial liabilities on financial leases, current bank loans and shareholder current account contributions). Cash stood at €14.1m compared with €12.2m at 31 December 2021.

OUTLOOK FOR 2022: Confidence confirmed in a climate of increased vigilance

Despite pressure on raw material costs at the start of the year, which affected the entire agricultural sector, the Group showed a capacity to smoothly pass on the purchase price increases recorded during the period while retaining its customer portfolio. These positive trends together with continued strong sales momentum offer good visibility on future performance, after a successful first half of the year and a good start to the third quarter.

In terms of growth drivers, WINFARM should also benefit in the second half of the year from the acquisition of the Kabelis Group companies, which were included in the consolidation scope from 1 August 2022. After the integration of Kabelis, the Group's Landscape and Green Space business should generate full-year revenue of nearly €21 million. This transformative acquisition will create a major player on one of France's most promising markets, and a leader in Brittany, Normandy and Pays-de-Loire.

The efforts already underway in the Farming Nutrition business are expected to continue during the second half of the year. The Group's ambition in this activity is to widen the gap in relation to the competition by enhancing product quality to meet the needs of an exacting customer base.

In the longer term, the Group reiterates its targets, which, by 2025, aim to achieve revenue of around €200m and an EBITDA margin of around 6.5%. Half of this acceleration in growth would be achieved through organic growth and half through external growth.

Upcoming events

Q3 revenue

10 November 2022 after the market closes

Attachment



EN
06/10/2022

Underlying

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on Winfarm

 PRESS RELEASE

Very sharp increase in EBITDA, cash generation and debt reduction in H...

Very sharp increase in EBITDA, cash generation and debt reduction in H1 2025 PRESS RELEASE Loudéac, 2 October 2025 Very sharp increase in EBITDA, cash generation and debt reduction in H1 2025 Outlook for 2025: continued growth, improvement in operating profitability and debt reduction WINFARM (ISIN: FR0014000P11 - ticker: ALWF), the leading French player in distance-selling of products and solutions for the agricultural and livestock industry, is today publishing its consolidated results for the first half of 2025. At its meeting on 1 October 2025, the Board of Directors approv...

 PRESS RELEASE

Très forte hausse de l’EBITDA, génération de cash et baisse de l’endet...

Très forte hausse de l’EBITDA, génération de cash et baisse de l’endettement au 1er semestre 2025 COMMUNIQUE DE PRESSE Loudéac, 2 octobre 2025 Très forte hausse de l’EBITDA, génération de cash et baisse de l’endettement au 1er semestre 2025 Perspectives 2025 : poursuite de la croissance, amélioration de la rentabilité opérationnelle et désendettement WINFARM (code ISIN : FR0014000P11 - mnémonique : ALWF), n°1 français de la vente à distance pour le monde agricole, publie aujourd’hui ses résultats consolidés du 1er semestre 2025. Le Conseil d’administration du 1er octobre 2025 a...

 PRESS RELEASE

Revenue growth of 6.4% in H1 2025

Revenue growth of 6.4% in H1 2025 PRESS RELEASE Loudéac, 3 September 2025 Revenue growth of 6.4% in H1 2025 Growth in all of the Group’s activities Improvement in EBITDA expected over full-year 2025 WINFARM (ISIN: FR0014000P11 - ticker: ALWF), the leading French player in consulting, services and distance-selling of products and solutions for the agricultural and livestock industry, is today publishing its revenue figures for Q2 2025 and H1 2025. In millions of euros, unaudited Q2 2024Q2 2025Change H1 2024H1 2025ChangeFarming Supplies 32.833.7+2.7% 62.765.1+3.9%Farming Production 2.93...

 PRESS RELEASE

Croissance de +6,4% du chiffre d’affaires au 1er semestre 2025

Croissance de +6,4% du chiffre d’affaires au 1er semestre 2025 COMMUNIQUE DE PRESSE Loudéac, le 3 septembre 2025 Croissance de +6,4% du chiffre d’affaires au 1er semestre 2025 Toutes les activités du Groupe sont en progression Amélioration de l’EBITDA anticipée sur l’exercice 2025 WINFARM (ISIN : FR0014000P11 – mnémonique : ALWF), 1er groupe français proposant un ensemble de prestations de conseil, de service, et de vente à distance de produits et de solutions au monde agricole et à l’élevage, annonce ce jour la publication du chiffre d’affaires du 2ème trimestre 2025 et en cumul sur ...

 PRESS RELEASE

Bilan semestriel du contrat de liquidité

Bilan semestriel du contrat de liquidité COMMUNIQUE DE PRESSE Loudéac, 7 juillet 2025 Bilan semestriel du contrat de liquidité Au titre du contrat de liquidité confié par la société WINFARM au CREDIT INDUSTRIEL ET COMMERCIAL, à la date du 30 juin 2025, les moyens suivants figuraient au compte de liquidité : 1 528 titres16 614,04 € Au cours du 1er semestre 2025, il a été négocié un total de : Achat32 696 titres125 633,06 EUR667 transactionsVente35 509 titres133 331,01 EUR605 transactions Il est rappelé que lors de la signature du contrat, les moyens suivants figuraient au compte...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch