EQS-News

Veganz publishes the annual report 2023

EQS-News: Veganz Group AG / Key word(s): Annual Report Veganz publishes the annual report 2023 10.05.2024 / 08:05 CET/CEST The issuer is solely responsible for the content of this announcement. (Berlin, 10.Mai 2024) VEGANZ GROUP AG: Veganz publishes the annual report 2023

 

10.05.2024 / 07:35 CET/CEST

The issuer is solely responsible for the content of this announcement.

 

• 50% reduction in losses thanks to cost reduction measures and efficiency improvement programme
• 6% growth in core categories
• Change of location and opening of new production facility at the Veganz Food Factory Ludwigsfelde
• Successful start of production and market launch of Veganz Mililk
• Scaling Veganz eCommerce auf 100k Sales within 6 months

 

(Berlin, 10.Mai 2024) Veganz Group AG (veganz.de), the innovative food brand and pioneer for the development and production of plant-based food products, also had to struggle with consumers’ purchasing reluctance and the persistently weak economic development in 2023. In a consumer climate characterised by uncertainty and a trading down towards private labels, Veganz Group AG responded with plant-based innovations for brands and private labels, strategic product range adjustments, a cost reduction and efficiency increase programme and the successful expansion of production facilities. Thanks to the effectiveness of such measures, the company grew by 6% in the strategic core categories. In the vegetarian bars category it grew more than the German market: while the market grew by 19% in market share sales, Veganz Group AG grew by 23%. 

 

Nevertheless, the strategic product range adjustments led to a deliberate decline in Sales for the Veganz Group AG to EUR 16.4 million (previous year: EUR 23.6 million) while EBITDA improved by 49.2% to minus EUR 6.3 million (previous year: minus EUR 12.3 million).

 

Scaling Veganz eCommerce

In 2023, the food retail sector continued to contribute the largest share of Veganz Group AG’s Sales at with 56% of the total (previous year: 64%); the decline was due to product range adjustments and cost savings in the field sales organisation. The drugstore business is becoming increasingly important for Veganz, accounting for 31% of total sales (previous year: 25%). In addition, the discount channel grew overproportionally and achieved a 6% share in 2023 (previous year: 3%). The food service secotr now accounts for a stable share of shales of 6% (previous year; 8%) and will lbe further expanded in 2024 with the new portfolio of products such as Mililk and TVP. This will be accompanied by the further scaling of the new online D2C business, which at the end of 2023 has already achieved sales of over EUR 100 thousand after only six months .