Elio Leoni Sceti, Iglo Group's CEO. (Photo Credit: Iglo)

Iglo Group reported flat sales in Q2

Europe’s leading frozen foods business Iglo Group reported net flat sales year-on-year for the second quarter this year. The EBITDA remained unchanged compared to the same period last year and decreased by 3.1 per cent on a constant currency basis.

“Tough market conditions continue to impact the sector with consumer spending under pressure across all European markets. This has resulted in the defined frozen category declining by 0.9 per cent in the second quarter,” pointed out Elio Leoni Sceti, the firm’s chief executive.

The Group’s CEO also informed that despite this challenge, the firm has launched new innovations, such as the Inspirations platform in the UK, which included the introduction of new fish and chicken products, and Seafood and Pyramid Meals categories in Italy.

The Group has continued to invest in the future of the business during the quarter, most notably in media to support their Better Meals Together strategy and innovation roll-out, as well as in marketing capability and research and development capacity.

“While we expect markets in the second half of the year to remain challenging, we are confident that our Better Meals Together strategy will rejuvenate the frozen food category as we continue to invest in the strength of our brand,” the Group's CEO remarked.

The Group ensures that cash generation remains a key management focus with a cash conversion level of 95 per cent over the last twelve months, which has enabled the Group to continue to reduce net debt by around EUR 60 million during the first half of the year.

In July 2014, the Group successfully refinanced its debt through the issuance of new term debt and a bond listed on the Luxemburg Stock Exchange, which allowed the Group access to additional investors and is predicted to yield annual interest savings of around EUR 14 million.  

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