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Strong Performance from Findus Group

26 May 2015

EU - Frozen fish and food group Findus has delivered strong results in the second quarter of the financial year.

Sales for the quarter rose by two per cent and EBITDA up 17 per cent on last year.

“We are focusing on commercial basics to drive market share, underpinned by our cost reduction programme and operational excellence,” said James Hill, the Chief Executive of Findus Group.

“This approach, along with our continuing focus on our customers, has resulted in EBITDA growth in all our markets for the first half of the year.

“Our strong UK EBITDA growth has been driven by continued chilled market growth and strong cost performance.

“In Southern Europe, we have achieved very strong top-line and bottom line growth, driven by continued momentum in France and Spain and the successful integration of the Lutosa acquisition in Belgium.

“The strong recovery in EBITDA in Sweden has been driven primarily by market recovery and price/mix management to recover inflation driven by adverse SEK/ USD FX rates. We have also achieved EBITDA growth in Norway and Finland for the first half of the financial year.

“Findus Group completed the acquisition of La Cocinera in Spain on 1st April 2015, we are in the process of integrating the operations and the early indicators are all positive. We have recently refreshed our senior management team in Norway and Southern Europe with Steven Libermann as our new CEO of Findus Southern Europe and Jørn-Gunnar Jacobsen as CEO of Findus Norway.

“Findus Group is the leading provider of fish and seafood in the United Kingdom and of frozen food in the Nordics and France.

“Across Western Europe, we are the second largest frozen food producer by turnover.

“We maintain the leading market share in each of our principal geographic markets, with more than 6,000 employees and a turnover in excess of £1.1billion.

“Findus Group remains on track to deliver modest growth in net sales and EBITDA for the full financial year ending 2015, on a constant currency basis.”

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