France’s leading poultry company LDC Group reports a year-on-year increase in production volume for the first six months of its financial year, while revenue slipped as trading patterns return to normal. Seven acquisitions have been made by the company, or are in progress.
For the first half on this financial year, LDC Group is reporting a return to a more steady business pattern, following a period of trading hit by avian influenza outbreaks and exceptional pricing trends.
Revenue for the six months to August of 2024 was EUR2.985 billion (US$3.15 billion), which compares with EUR3.022 billion for the same period of the previous year (2023-2024).
Following a strategy of increasing output, the company reports a total production volume of 550,500 metric tons (mt) for the latest six months — up from 524,900mt in the comparable period. This represents a 4.9% increase in volume, while sales value was down 1.2% year-on-year. At constant exchange rates and on a like-for-like basis, the volume was up 3.6%, and revenue dipped by 3.9%.
For the reporting period, profit (expressed as Earnings Before Interest, Taxes, Depreciation, and Amortization; EBITDA) was EUR257.1 million — down from EUR290.7 million in the first half of the previous year.
Contrasting trends in business segments
Over the first half of 2024-2025, sales by LDC’s Poultry division (excluding upstream) were 4.5% higher by volume, but 4.1% lower by revenue compared with the same period of the previous year. The company attributed the expansion in sales volume to strong sales of its branded products and standard chickens, as well as to the success of its promotional efforts. The firm reports it is currently working on a plan to revitalize sales for this segment.
Including its up-steam activities in Poultry, half-year sales were 4.5% higher in volume, but revenue 2.3% lower than the comparable period at just over EUR2.21 billion.
For its International business, LDC reports a year-on-year reduction in sales revenue of 4.6% to just under EUR369 million, while the tonnage was up by 3.9%. It highlights a reduction in duck sales from the comparable period being partially offset by strong sales of chicken.
With a new acquisition integrated into the segment in early 2024, the group’s Catered Food business raised its production volume for the first half of the year by 7.7%, and generated 7.2% more revenue to almost EUR456 million.
7 acquisitions made or in progress
Over the six-month period, LDC Group has continued on the acquisition trail, as the company report outlines.
Adding to its Poultry business in France, LDC has integrated the Favid business since July of this year, following LDC’s acquisition of 80% of the firm’s capital, and its workforce of 45. Still awaiting approval of the competition authority is LDC’s acquisition of Routhiau Group in the same sphere.
For its international business group, Poland turkey breeder Indykpol has been integrated into the group since early August. Consolidating its position in the country, the group announced it was acquiring the Konspol facility in June. Furthermore, the group has gained a foothold in Romania by purchasing Calibra, a manufacturer of breaded products.
In October of 2024, LDC announced that it had entered into an agreement with ECF Group (European Convenience Food) with the view to acquiring a majority share of its capital. A leader in the German market for cooked and frozen poultry and vegetable-based products, ECF has around 200 employees in northern Germany, and turnover close to EUR80 million in 2023. Both parties aim to finalize the transaction by the end of 2024.
Adding to its Catered Food operations, LDC has acquired the Pierre Martinet Group, a leader in the French salad market. Still subject to approval by the competition authorities, this is expected to strengthen considerably LDC’s position in this segment.
Prospects for the full 2024-2025 financial year
Describing its first-half results as “satisfactory,” LDC Group confirms that it is on track to achieve its objectives for the full year. Target revenue for the 12 months remains at EUR6.2 billion, with an operating margin of 5%.
In response to the expectation of further rising costs, the company reports that it is in negotiations with its customers, despite on-going constraints in consumer purchasing power.
LDC has reaffirmed its commitment to its farmer-suppliers, supporting products of French origin, and diverse species. It specifies this include label and organic products from turkeys, ducks, guinea fowl, young cockerels, quails, pigeons, and rabbits, as well as chickens.
In line with its strategic plan, the group is set to continue its acquisition program in the coming months.
For the 2025-2026 fiscal year, its targets are for revenue to exceed EUR7 billion, and for EBITDA to be near to EUR560 million.
More on LDC Group
Annual slaughtering of more than 477 million birds puts LDC Group third in the rankings of the leading poultry companies in Europe, according to WATTPoultry.com’s Top Poultry Companies survey for 2023. As well as chickens, the company also produces meat products from other poultry, as well as table eggs.
A family-owned and France-based agri-food company, LDC (Lambert Dodard Chancereul) specializes in the processing and the sales of poultry, as well as fresh and frozen ready meals products. Among its brands are Loué, Le Gaulois, Maître CoQ, Doux, Marie, Traditions d’Asie, Drosed, and Nature-et-Respect.
Based in France, the LDC Group also has operations in Poland, Hungary, Belgium, and the United Kingdom. With a workforce of 25,000, the company has 102 sites. Group turnover in the last full financial year was close to EUR6.2 billion.
The LDC Group is listed on the Paris stock exchange. According to the firm’s web site, it is experiencing sustainable, balanced, and controlled development based on organic growth and acquisitions in Europe.
