La Doria Sees Q3 Revenue Growth Despite Difficult Market Conditions
Italian food company La Doria has reported consolidated sales of €164.7 million in the third quarter of its financial year (+5% year-on-year) and a net profit of €8.7 million (€11.4 million in Q3 2016).
For 9M 2017, consolidated revenues amounted to €505.6 million (+2.8%). At like-for-like exchange rates, revenues amounted to €528.9 million (+7.6%). Net profit in the period was €21 million (€26 million in 9M 2016).
Revenue growth was achieved due to a significant increase in international sales volumes, the company said, and despite unfavourable Euro/Sterling movements impacting the revenues of its UK-subsidiary. According to the company, the 9M results are ahead of forecasts, despite the current challenging state of the tomato and pulses market and heightened competition, partly owing to Brexit.
Trading activities at subsidiary LDH Ltd in the UK saw a 11.3% growth in sales, due to volume growth alongside an increase in prices from inflationary effects impacting the main products imported and sold in the UK.
Exports accounted for 79% of sales, increasing 4.6% (+10.8% LFL), while Italy accounting for 21% of sales. The company's main overseas markets were the UK, Germany, Australia, the Scandinavian countries, Japan and others.
La Doria is a leading company in the production of tomato-based products, ready-made sauces, pulses and fruit juices for supermarket private labels.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: The European Supermarket Magazine