In a still extraordinary context, due to the consequences of the pandemic, the economic and financial results of the first quarter of 2021 are still very positive for Italy’s preserves group La Doria. Turnover increased by +4% (compared to the first quarter of 2020) despite the gradual normalization of domestic food consumption compared to the peak due to the spending-hoarding a year ago.
“Overall, we confirm the 2021 targets indicated in the Industrial Plan 2021-2023” – says President Antonio Ferraioli. “The following months and the next few years will see us committed to pursuing our goal of consolidating our international leadership in the private label vegetable food preserves sector.”
STRONG GROWTH IN THE UK
Trading activities, carried out by the subsidiary undertaking, LDH (La Doria) Ltd, on the UK market, registered a significant increase in revenues of +11%. This is primarily due to the sustained growth in sales volumes, which continued to register strong growth rates for certain product categories including Ready-made sauces. The Red line and Other lines ranges also grew.
THE FIRST QUARTER OF 2021 BY THE NUMBERS
Consolidated revenues amounted to 222.3 million euros, up +3.9% on the 213.9 million euros of the same period of the previous year. At constant exchange rates, revenues would amount to 224.3 million euros (up 4.9%). The performance of consolidated sales was marked by a slight increase in volumes thanks to the contribution of trading activities and a positive trend in sales prices.
Overall, 26% of the Group’s revenues were generated by Legumes and vegetables, 22% by Tomato derivatives, 14% by Sauces, 8% by Fruit, and 30% by Other lines.
Moreover, 84% of sales went abroad, whilst the domestic market accounted for 16%. Sales on global markets rose by +7%, whilst the Italian market registered a fall of -10.3%.
The main profitability margins at the consolidated level are:
- Gross operating profit (Ebitda): €20.2 million, up +27.9% from €15.8 million in the first quarter of 2020. Ebitda margin up to 9.1% from 7.4% in the first quarter of 2020;
- Operating income (Ebit): €15.3 million, up 30.8% from €11.7 million in March 31, 2020. Ebit margin reached 6.9% from 5.5% in the first three months of 2020;
- Net income amounted to 6.7 million euros, down from the 12.1 million in the first quarter of 2020 due to foreign exchange charges.