PRFoods’ has disclosed unaudited preliminary consolidated results for fourth quarter and full year.
The company reported unaudited preliminary consolidated turnover in fourth quarter of the fiscal year 2019/2020 of EUR 15.11 million euros decreased 29.5% compared to the turnover of 21.42 million euros for a prior year fourth quarter. Its preliminary turnover for the financial year remained 78.34 million euros compared to previous year turnover of 85.61 million euros.
The preliminary unaudited results show that PRFoods’ sales have declined 29.5% in the fourth quarter. Overall, the sales declined 29.5% sales compared to the same quarter of previous year. HoReCa sector contributed to sales decline by plumping 65.0% during the quarter and wholesale sector which declined 49.6%, while retail sector showed an increase 7.3% compared to fourth quarter of previous financial year.
The sales for the full financial year 2019-2020 decreased 8.5% compared to previous year. Lower sales figure in the 4th quarter dominated the Yearly sales decline. While PRFoods product portfolio saw a change during last 12 months as its raw fish and fillets’ segment enlarged 4 percent while it saw a decline consequently in smoked products.
According to the company, its sales declined on the closing of important sector including passenger ferries, air transport and hotels that sued the inject the company sales. The company’s sales in Finland, UK and Baltic States began recovering after reopening of markets in June.
Amid the COVID-19 the company saw a decrease in prices of HoReCa sector then the company managed the finances with the increase in volumes while a steep decline in Tourism is barrier in the recovery HoReCa related sales. The company experienced increased sales in retail while it already kept its focus on improving sales via retail chains.
CEO of Indrek Kasela, PRFoods said, “Last quarter was defined by the fact that most countries took drastic measures to combat COVID-19 pandemic. PRFoods’ main markets, Finland and UK, closed 100% HoReCa markets, except for takeaways. Similarly, passenger ferries, air transport and hotels were closed, which has been important sector in our sales.” He further added, “Our strength and advantage is our fish farming, that give us competitive edge over other processors. We have put lot of focus on development of fish farming in Estonia, where it can be strategically important sector on state level.”
PRFoods got benefits from the COVID-19 related labor subsidies and reduced its cost base in the efforts to maintain the financial strength. Mr. Kasela expressed about the COVID-19 related subsidies says, “We must thank governments of Estonia, Finland and UK for developing rapid support mechanisms for industries. Considering that food production is of strategic importance, we have prepared for next wave of pandemic.”
Cheyenne Cox is a news report covering multiple Market and economy News. She is creative and highly professional writer. Cheyenne holds a degree in communication and journalism and has also a Diploma in digital marketing. She belongs to south Africa who has also lived in Europe and is currently based in the US.