THE NETHERLANDS: Refresco Reports Solid Growth In Q2

The Refresco Group has reported solid profit growth for its fiscal second quarter, despite poor weather conditions in Europe.

For the quarter, adjusted net profit rose by 4.5% to €30.3m, while adjusted EBITDA was up 1% to €68.3m.  Meanwhile, volumes were up 1.9% for the period, while revenues also grew by 1.9% to €558.7m.

CEO Hans Roelofs noted: “The unfavorable weather conditions throughout Europe and continued pressure on the private label market have created a challenging environment”.  He noted that while the group “gained some private label volumes, the impact of our earlier decision to discontinue low margin-large volume contracts, mainly in water and CSD’s, was still visible in the second quarter.”

Looking ahead, the group said it expects full-year volumes to be below its medium-term guidance, noting the poor start to its third quarter.