Selecta Group, a Swiss-based Foodtech leader with a distribution network in Europe, announces its results for the third quarter of 2022.
- Group sales of €297.0 million, increased by 13.9% versus last year driven by recovery continuing in private segment and strong public performance.
- Continued positive trend in sales per machine per day reaching €10.8, particularly driven by private recovering and solid public performance with new record-high of €29.8 supported by organic growth.
- Continued tight cost management whilst structural productivity gains lead to adjusted EBITDA of €56.5 million, increased by 7.7% versus last year and adjusted EBITDA margin of 19.0%.
- Strong liquidity of €138.6 million, due to daily cash discipline and improvement actions. Protecting liquidity remains a priority while execution plan in place towards improved cash generation.
Executive chairman, Joe Plumeri, commented in the announcement: "With Selecta's uncompromising discipline, excellent client service and innovative FoodTech solutions, we continued to profitably grow our business in the third quarter despite the difficult economic situation in Europe.”
Christian Schmitz, Selecta Group CEO, added in the announcement: "Our focus on keeping cost low and delivering tailored solutions to meet our client needs has continued to deliver positive results in Q3. We continue to have strong retention and sizable new business wins thanks to the unique value we offer our clients and consumers.”
In Q3 2022, Selecta achieved existing and new business wins across all markets and sectors.
Selecta’s client-facing team has been enhanced through the launch of a Graduate Program, offering talents new to the workforce an opportunity to learn from a team of experts, develop entrepreneurial skills, advance their careers and become part of a thriving company.
Q3 has also been marked by further actions to maintain profitability in a difficult economic environment. Selecta has executed price increases to mitigate the impact of rising raw material prices in European markets. Cost reduction measures and right-sizing initiatives were enacted to optimize efficiency across the Group while maintaining Selecta’s focus on client service.
Selecta has also continued to roll out digitization of its machine park, especially with the implementation of telemetry across the machine park. This supports planning and operations and drives service quality and productivity.