Healthy earnings for Fuite Group in busy 2023

The Fuite Group, owned by the eponymous family, has had a busy but business-wise good 2023. The revenue did decline, but the profit increased. It also took over the activities of meat company Gosschalk, but this had little impact on the results for 2023 as the take-over was in the latter part of the year. According to the recently submitted annual report, revenue in 2023 decreased by €5 million to a total of €708.6 million. The net result increased by €3 million to €27.5 million, which translates to almost 4% margin. Which business segments were responsible for this is not made clear in the annual report. The Fuite Group has 5 larger divisions, plus another component Poultry Trade. Source of revenue shifts Fuite Feed saw its revenue decrease by nearly €9.5 million to €282 million. Fuite Meat managed to increase its revenue by €23.4 million to €192.5 million. Fuite Dairy, on the other hand, lost €10 million in revenue and saw sales stop at €99 million. The new company Solprovit, with a factory in Hasselt, recorded revenue of €1.1 million, and the Livestock activities saw revenue decrease by €10.3 million to €133.5 million. Notably among all these shifts is the significant change in the source of the revenue. In 2022, 77% of the revenue was generated in the Netherlands, 10% in the EU, and the rest outside, while in 2023, only 60% of the revenue was generated in the Netherlands and 36% in the EU. Stock market impact As mentioned, Fuite had a relatively tumultuous financial year. A year with significant expansions and expenditures. For the Solprovit factory in Hasselt, an investment of about €12 million was made, and more was allocated for the acquisition of the activities of the former Gosschalk, although no amount is specified for this. It is clear that the Fuite brothers significantly impacted the stock market. The debt burden increased by €72 million to €77.5 million, and the equity plummeted from a massive 96% to 66%. The balance sheet also shows that a lot happened. The balance sheet value increased by 75% to nearly €253 million. The workforce nearly doubled as well. Since the takeover of Gosschalk's operations, many changes have already occurred. The former Gosschalk is now called Family Beef. It has stopped boning beef in Epe and now only does so in Almere. Slaughterhouse Beernink in Oldenzaal has already been closed.