Bonduelle : A robust Q2 buoyed by the good performance at the long-life retail business. Caution on full-year margin trends
>Robust organic growth of 5.8%e vs +1.7%e and +1.9% in Q2 - Bonduelle yesterday evening published Q2 2020-21 sales of € 761m, well above our forecast (€ 731m). Organic growth was higher at 5.8% vs +1.7%e, buoyed by favourable momentum at the long-life and frozen retail business, largely offsetting the deterioration in sales in out-of-home catering stemming from the tightening of health restrictions. The main trends by region are as follows:Europe (46% of sal...Bonduelle is active in the market of processed vegetables both within and outside the European Union. Co.'s business is made up of three activities: canned, frozen and fresh vegetables (prepared and fresh-cut). It distributes its products mostly through retail channels (large supermarkets and stores) and food service sectors (restaurants, inter-company canteens). Some of Co.'s brands are Bonduelle, Cassegrain, Frudesa and Artic Gardens. Co. is organized into two geographic regions and four business segments: Bonduelle Europe Long Life (BELL), Bonduelle Fresh Europe (FRESH), Bonduelle Americas (BAM), and Bonduelle Development (BDV).
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