Poultry group LDC to boost plant-based foods in growth plan

div classBodysc17zpet90 cdBBJodivpPARIS Reuters – Frances largest poultry group LDC aims to more than treble its volumes of plantbased products by 2026 and is open to acquisitions in the sector as part of a plan to boost earnings by 40 in the next four years, it said on Tuesday.p

pThe market for plantbased food has soared in recent years, attracting major investment from global agrifood groups, including Nestle, PepsiCo and Archer Daniels Midland, hoping to capitalise on a trend towards healthier eating.pdivdivdiv classBodysc17zpet90 cdBBJodiv

p“Our ambition is to accompany the flexitarian movement with the aim to reach 10,000 tonnes of products from 3,000 tonnes currently by 2026, for sales of 60 million euros 64 million, just through organic growth,” LDCs new chief executive Philippe Gelin told reporters.p

p“In addition we will be open to all opportunities that could arise in terms of external growth on these products,” he added.p

pYet plantbased meat will remain a small part of LDC, which is focused mainly on fresh poultry and readycooked dishes.p

pThe group, which made 5.1 billion euros of sales in 202122, up 14.5 yearonyear, is aiming for 7.0 billion by 2026, and a 40 rise in earnings before interest, taxes, depreciation and amortization EBITDA to 560 million euros.p

pGelin declined to give guidance for the 202223 financial year, saying there were too many unknowns at this stage, both in terms of volumes and prices. p

pLDC expects a fall in group poultry output of 1215 in MarchAugust due to Frances worst ever bird flu crisis. p

pIt still needs to pass on to customers a large portion of the higher costs it is facing due to the recent surge in the price of grains, which make up most of the diet of poultry, Gelin said.p

p1 0.9339 eurosp

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pp Reporting by Sybille de La Hamaide Editing by Mark Potterp

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