Ter Beke may suspend sales for one of main clients, shares hit one-year low

Whats Cooking NV

15/02/2022 09:49

** Shares in Ter Beke  TERB.BR  drop 4.9% after the Belgian
food company flagged issues with a client, leading KBC
Securities to downgrade the stock to "accumulate" from "buy"
    ** The group said it may temporarily need to suspend its
sales of "a number of products", as a consequence of tough
contractual discussions with one of its main retail customers
    ** "This could have a significant impact on the sales and
results," Ter Beke added, as this customer's turnover in the
Ready Meal division accounted for 6% of 2021 group turnover
 urn:newsml:reuters.com:*:nFWN2UP1WC
    ** The company also flagged that providing further prospects
in the period of very high inflation, with uncertainty around
the availability of raw materials, was "an impossible task"
    ** Ter Beke expects 2022 underlying EBITDA between EUR 52-53
million ($59-$60.09 million) and net reduction below EUR 75
million
    ** The stock, down by over 10% year-to-date, is heading for
its worst day since April 2020 and hits a one-year low 
    


($1 = 0.8821 euros)

 (Reporting by Juliette Portala)
 ((juliette.portala@tr.com))