In the third quarter of 2023, revenue was up 8.3% on the previous year. Cumulatively, revenue was up 18.4% over the first three quarters of 2023, of which 11.9% was organic revenue growth.
Total revenue breaks down by segment as follows:
After a summer of mediocre weather, we saw consumer sentiment shift both in the Netherlands and in Belgium, as spending fell as a result of the economic climate and consumers’ uncertainty about their own financial position. This was also reflected in spending at restaurants and leisure activities. We are also seeing a growing number of bankruptcies and cessations of operations in the hospitality industry, causing volumes in the market to fall. Due to high inflation, however, revenue still increased.
In line with the market, our revenue was up, though our growth rate slowed down in the third quarter. The impact of inflation on our revenue is approximately 8% in combination with modest volume growth.
For the fourth quarter, we foresee continued pressure on sales volumes in our markets, stiff inflation and persistently high interest rates. Declining volumes will still be compensated by inflation, but this will, on balance, lead to pressure on our result. In combination with the impairment on our investments in SAP, as detailed above, our operating result (EBIT) for this year will be limited.
Veghel, 19 October 2023
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