Findus Group Update – Q4 FY14

James Hill, the Chief Executive of Findus Group, said: “Findus Group performance continues to be positive and we are on track with our plan, with operating cash-flow of £67m and EBITDA of £91m for FY2014, up 4% on last year. This is the second consecutive year of positive growth.

“Providing chilled, frozen, branded and own-label, fish, vegetables and meals across Europe, Findus Group offers a wide range of local food to local markets. Findus Group’s portfolio helps to blend risk and the Group’s overall growth reflects the diversity and strength of the portfolio as a whole.

“Paying close attention to our costs, we continue to be focussed on serving our customers in each of the countries where we are based. Findus Group’s acquisition of the Lutosa branded retail business in Belgium, in February 2014, has been a success and we recently signed of an agreement of our intention to acquire La Cocinera frozen ready to eat meals business in Spain. The transaction will be subject to the approval of the Spanish competition authorities.We anticipate more organic growth, within Findus Group, and if similar acquisition opportunities arise in future then we will explore them.

“Findus Group is on track to build on our success during 2014, our strategy is working and we remain optimistic for 2015.”

(Please note that the EBITDA of £91m and Operating Cash-flow of £67m are constant currency and pre Investor Fees; the comparison to EBITDA in 2013 is based on actual FX before Investor Fees).

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