ForFarmers N.V. reported a 4.4 percent drop in revenue for the first six months of 2016, which it attributed to a combination of the passing on of lower raw material prices and the effect of the devaluation of the British pound.
Here are 5 things you need to know about ForFarmers’ first half results:
- Revenue was down 4.4 percent to EUR1,070.5 million (US$1,206.5 million)
- Total Feed volume increased 2.9 percent to 4.6 million tons
- Gross profit declined 1.9 percent
- Total operating expenses decreased by EUR5.1 million (US$5.8 million) to EUR176.1 million (US$198.5 million)
- Profit increased 1.2 percent to EUR25 million (US$28.2 million)
“In the first half year, farmers were still facing challenges due to continuing pressure on prices for milk, meat and eggs. By focusing on improving the returns on farm with our Total Feed approach, the volume of feed that farmers bought from us has increased," said Yoram Knoop, CEO of ForFarmers. “ForFarmers believes in a strong future for the agricultural sector and we continue to dedicate ourselves to this fully. With that we mean the continuity of the farm, but also the future in a broader sense: a healthy future for the sector and for sustainable food manufacturing as a whole.”