Q1 2022 RESULTS
Highlight Double-Digit Growth in Q1 2022 Results1, Though Pandemic Impact is Still Felt Across the Sector
Cham, 11 May 2022, Selecta Group, a Swiss-based Foodtech leader with a world-class distribution network in Europe, announces its results for the first quarter of 2022. The results show the following:
- Group sales2 of €276.6 million, strong double-digit growth of 16.7% compared to 2021, in a quarter still impacted by the pandemic.
- Adjusted EBITDA3 of €46.1 million, increased by 36% compared to 2021 and adjusted EBITDA3 margin of 16.7%, increased 2.3pp compared to 2021, driven by strong pricing initiatives and structural cost savings.
- Strong liquidity4 of €128.3 million, due to daily cash discipline maintained. We remain focused on free cash flow conversion, working capital and capex optimisation.
Executive Chairman, Joe Plumeri, commented:
"We continue to focus on delivering against our One Selecta vision and strategy - delivering innovative solutions that address the needs of our clients and offering world-class service enabled through technology. Our launch of the Foodies Shop & Go this quarter is a prime example as we bring our consumers healthy, delicious food in a modern, hassle-free and automated environment. We will continue to use technology to deliver food and beverage solutions that address our clients’ underlying needs."
Christian Schmitz, Selecta Group CEO, added:
"We remain convinced that Selecta offers the solutions required by our clients in a post-Covid world. Our strength in new innovative, 24/7 solutions is matched by our ability to optimize service for our food and beverage solutions through technology. Coupled with the development of further A-brand partnerships across our Selecta markets in Q1, Selecta has a strong foundation to strengthen our position as the food tech leader in Europe."
In Q1 2022, Selecta announced new collaborations with A-brand partnerships, most notably with Mars Wrigley and Red Bull; while also successfully winning new business with a supermarket giant in UK, Trafikverket, the Swedish Government Transport Administration, and a major player in concession in France.
Selecta has further established global sustainability targets across the four strategic pillars: respecting the environment, offering healthy and sustainable products, building a sustainable supply chain, and being an employer of choice. Selecta will be focused on delivering progress against key targets in each of these areas.
Finally, Selecta continues to invest in its associates to ensure delivery on its purpose – delivering millions of moments of joy every day. In Q1, Selecta rolled out an exciting new Training App for all Selecta Associates across all 16 Markets. The App offers people bitesize learning and development opportunities through a range of different training sessions, playbooks and modules.
1 At actual exchange rates. There is no material difference from constant currency rates
2 Sales: Revenue after payment of vending fees
3 Adjusted EBITDA: Earnings before Interest, Tax, Depreciation and Amortization and prior to one-off items (external and internal costs which are not related to the on-going business)
4 Cash at Bank of €45.2 million plus €83.1 million available RCF