CEO Leif Bergvall Hansen comments on the first quarter
Strong operating performance – resilience to Covid-19 pandemic.
Scandi Standard is reporting a strong adjusted result for the first quarter of 2020. Compared to the same quarter last year, net sales increased by 1 percent to MSEK 2,479 and adjusted EBIT increased by 6 percent to MSEK 117. Net sales were deflated by the price adjustments implemented in 2019 to pass through decreased raw material prices for feed. The improved adjusted EBIT was driven by increased volume reflecting strong demand for our products.
Towards the end of the quarter, effects of the Covid- 19 pandemic started to impact our business. During April we experienced an increase of about 7 percent in retail sales as consumers were spending more time at home. Correspondingly, Scandi Standard experienced a drop of about 30 percent in its Foodservice sales. Thanks to the resilience overall consumer demand for our products, I am pleased to report that these effects have broadly offset each other and that prices in our domestic markets generally remain unaffected.
Leif Bergvall Hansen,
Managing Director and CEO Scandi Standard