Strong revenue growth of 18% in H1 2022
02 September 2022 - 1:45AM
Strong revenue growth of 18% in H1 2022
PRESS RELEASE Loudéac, France, 1
September 2022
Strong revenue growth of 18% in H1
2022
-
Organic growth of
7%
-
Farming supplies up 19%, driven by external growth, price
rises and continued good sales momentum
-
Farming nutrition up 14% thanks to the aggressive strategy
to win back market share
-
Further sharp growth in the horse and landscape markets,
+17% and +22% respectively
WINFARM (ISIN: FR0014000P11 - ticker:
ALWF), No. 1 French distance-seller for the farming
industry, today announced its revenue for the first half
of 2022.
In millions of euros, unaudited |
H1 2022 |
H1 2021 |
Change |
Change at constant scope 1 |
Farming supplies |
55.2 |
46.5 |
+19% |
+6% |
Farming nutrition |
5.5 |
4.8 |
+14% |
+14% |
Other |
0.8 |
0.7 |
ns |
ns |
TOTAL |
61.5 |
52.0 |
+18% |
+7% |
WINFARM made consolidated H1 revenue of €61.5m,
up 18% compared to H1 2021 (+7% at constant scope).
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 to 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.
EXCELLENT VISIBILITY FOR
2022
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.
Next publication: 2022
half-year results, 6 October 2022 after the market
closes.
About WINFARM
Founded in Loudéac, in the heart of Brittany, in
the early 1990s, WINFARM is now the French leader in distance
selling for the agricultural world. WINFARM offers farmers and
breeders comprehensive, unique and integrated solutions to help
them meet the new technological, economic, environmental and social
challenges of the next generation of agriculture. With a vast
catalogue of more than 15,500 product references (seeds,
phytosanitary, harvesting products, etc.), two-thirds of which are
own brands, WINFARM has more than 44,500 customers in France and
Belgium.
WINFARM generated revenue in 2021 of €108m. By
2025, WINFARM aims to achieve revenue of around €200m and an EBITDA
margin of about 6.5%.
The company is listed on Euronext Growth Paris
(ISIN: FR0014000P11 - ticker: ALWF) - Eligible for PEA PME equity
savings plans - Certified as an "Innovative Company" by
bpifrance.
For more information about the company:
www.winfarm-group.com
Contacts:
WINFARMinvestisseurs@winfarm-group.com |
|
ACTIFIN, financial communicationsBenjamin
LEHARI+33 (0)1 56 88 11 11winfarm@actifin.fr |
ACTIFIN, financial press relationsJennifer
JULLIA+33 (0) 1 56 88 11 19jjullia@actifin.fr |
1 Revenue excluding BTN de Haas
- WINFARM_PR_H1_2022_revenue_final_EN (1)
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