Q2 2022 B&S Group SA Earnings Call Transcript
Good morning, everyone. This is Tako de Haan, CEO of B&S Group. With me is Peter Kruithof, our CFO. And also on the call is Mark (inaudible). First, let me go through the highlights of the first half of this year. We will then discuss the figures in more detail and provide the outlook for 2022. After that, there's, of course, opportunity to ask any questions you may have.
In the first half of 2022, turnover grew double digit and was driven by the Liquor segment and supported by the Retail and Food results. However, industry-wide supply chain challenges and increased product scarcity had their impact on our gross margins in the first half of 2022. In addition, we had to take a provision of USD 7.5 million on a doubtful debtor in the Food segment.
Also, staff costs continue to rise. This is due to a tight labor market in Europe as well as expansion in increased hourly rates for warehouse staff in the U.S. Despite these challenges -- challenging economic circumstances, we made good progress on our strategy. With
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