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Finance
25/04/2024
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Q1 2024 turnover

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  • International business is driving growth, accounting for more than 40% of Group sales for the 
    first time (excluding sales of goods in Foodservice). 
  • In France, sluggish food consumption continues to impact business.
  • The latest acquisitions, notably in Northern Europe, contributed €55 million to quarterly sales.

STEF, the European leader in temperature-controlled transport and logistics services for food products, generated turnover of €1,139 million in the first quarter of 2024, a 5.7% increase (+0.7% like-for-like). 

Change in turnover in Q1 2024 (in €M)

Q1 2024 2023 2024 Change % Like-for-like basis %
STEF France 574.7 576.7 0.3% 0.5%
STEF International 354.7 418.8 18.1% 2.6%
Other 148.3 143.8 (3.0%) (3.2%)
TOTAL 1 077.7 1 139.3 5.7% 0.7%

Change in turnover in Q1 2024 (in €M)

Q1 2024 2023 2024 Change % Like-for-like basis %
Group business lines 935.1 999.9 6.9% 1.1%
Sales of goods for Foodservice 142.6 139.4 (2.3%) (2.3%)
TOTAL 1 077.7 1 139.3 5.7% 0.7%

Information by region and business line

STEF France 

  • In France, the volumes handled by the chilled products and seafood businesses continue to be affected by the slowdown in food consumption. The frozen food business has also been affected, with a fall in volume and a drop in the fill rate of its warehouses. 
  • Retail business is benefiting from the positive impact of new contracts, and is posting sales growth. 
  • Driven by a buoyant market, the Foodservice business is continuing to grow, thanks to sustained sales momentum.

STEF International

  • In Italy, the Group is enjoying positive growth momentum across all its businesses, particularly in frozen foods. 
  • Portugal continues to grow organically thanks to the ongoing development of one of its new clients. 
  • Belgium continues to benefit from the integration of TransWest, acquired in October 2023, and from the commissioning of its new logistics hub in Tubize, south of Brussels. 
  • In the Netherlands, in a competitive market, our efforts are focused on integrating Bakker Logistiek, acquired on 4 January.
  • Finally, despite a difficult economic climate and a fall in consumer spending, business in the UK and Switzerland is growing thanks to positive currency effects.