Selecta Q1 Report 2024
Selecta Group, a Swiss-based Foodtech leader with a world-class pan-European distribution network, announces its results1 for the three months ended 31 March 2024
Joe Plumeri, Executive Chairman, commented:
“At the heart of our journey we find a powerful combination: great tools and solutions alongside a strong leadership team. Together, we are not just in business, we are weaving joyful moments for our clients and their consumers every day. Our path ahead is fueled by commercial momentum and evidenced by improvement of margins and cash flow.”
Highlights
- Adjusted EBITDA2 of €54.9 million, 3.5% increase versus last year and Adjusted EBITDA margin of 18.6%, 1.4pp increase versus last year, reflecting our cost discipline and gross margin improvement.
- Reported EBITDA of €51.5 million, 0.3% increase versus last year and Reported EBITDA margin of 17.4%, 0.8pp increase versus last year as a result of successful transformation.
- Group sales3 of €295.1 million, down 4.5% versus last year, reflecting underlying growth from net new business and pricing offset by the impact of exiting unprofitable business and early Easter timing.
- The positive trend in sales per machine per day (SMD) continues, reaching a new record high of €13.1, up 4.9% versus last year. This reflects record Private SMD, Foodtech growth and the removal of underperforming machines as part of our SMD enhancement project.
- Free cash flow of €7.5 million and broader action plan to deliver cash conversion led to strong liquidity4 of €102.0 million by quarter end.
