Vandemoortele reports strong annual results once again

Regarding the 2019 financial year, the Vandemoortele Group has reported a strong result: the adjusted EBITDA rose to 152 million euros, an increase of 17% compared to 2018.

Please find the 2019 annual results here.

Please find the 2019 key financials here.

For the 2019 financial year, Vandemoortele is reporting a slight drop of 2% in turnover caused by the decreasing trend in raw material prices and partly due to a deliberate reduction in the number of product references in the Bakery division. In contrast, the adjusted EDITDA (REBITDA) rose by 16.9% to 152 million euros, of which 6.8% (8 million euros) can be assigned to the implementation of the IFRS16 lease standard. 


This rise in the adjusted EBITDA applies to both the BP and the MCOF business lines. For the Bakery division, Vandemoortele is reporting a 21.1% profit growth to 95.8 million euros. This rise is largely thanks to cost-saving measures in production and logistics, as well as in purchasing of raw materials and packaging. In the MCOF division, a jump of 9.3% was made to 56.1 million euros, once again the best result ever. The main factors for profitability here are to be found in the favourable evolution of raw material prices and the excellent production results. In 2019, Vandemoortele invested 57 million euros in improving and reinforcing production capacity for the Bakery division, further modernisation of the MCOF production sites, and the Food Experience Center. The slight drop in profits after tax can be explained by the revaluation of exchange rates and interest risks, and higher income taxes.

The annual results indicate that Vandemoortele is focusing on optimising profitable growth.

About Vandemoortele

Vandemoortele was founded in 1899 as a Belgian family business, and has continued to grow and develop ever since. Over the last two decades, we became a European food company with leading positions in two product categories: Bakery Products (BP) and Plant-Based Food Solutions. We are known for supplying innovative and high-quality products. 

In 2023, Vandemoortele realised a turnover of around EUR 1.9 billion with 4,080 associates (permanent and temporary). The Vandemoortele Group headquarters are located in Ghent, Belgium. We have commercial offices in 12 European countries, as well as in the United States and Asia. We operate in 29 high-quality production sites all over Europe, in order to ensure proximity to all our key markets. We export from Europe to 72 countries worldwide.

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Marc Croonen