After ending the 2023/24 financial year with a loss of €131 million due to inflation, a historic fall in the price of shrimp and the climatic effect of El Niño, the Nueva Pescanova Group is back on track.
The company states that strategic and operational measures adopted by its new management team have succeeded in reversing the company’s negative trend of the last two financial years and have set it on the path to recovery, achieving in the first five accounting months of 2024 – which run from April to August – an increase in turnover of 2% compared to the same period of the previous financial year.
The operational efficiencies implemented led to an increase in margins, generating EBITDA of 18.1 million, almost duplicating (185%) the EBITDA of the previous financial year (9.8 million).
‘This positive development of the company in the first months of the current financial year allows us to conclude that the trend has been reversed and we estimate that in the first nine months of the financial year we will reach an EBITDA of 37.5 million. That’s almost four times the EBITDA of the entire 2023-24 financial year,’ a representative of the company stated.
‘The appointment of a new CEO in September last year marked the start of a new phase in which the Executive Management Committee has been simplified and renewed to streamline decision-making. It has implemented, among other measures, a new business plan, a new commercial reorganisation, the reshaping of processes to improve service and increase operational efficiency, and the working capital optimisation.’
The Board of Directors of Nueva Pescanova will propose to the Shareholder’s General Meeting a capital increase of €72.6 million, to finance the future growth of the company. ABANCA, the Group’s main shareholder, has confirmed that it will participate in the capital increase, which guarantees that at least €71 million will be covered. The capital increase will be paid in cash during the fourth quarter of this year.
Prior to the capital increase, the Shareholder’s General Meeting will propose a reduction of the nominal value of the shares by 0.31€/share, for a total value of €223 million, in order to offset losses from previous years and clean up the balance sheet. This procedure will have no cash impact.
