Italian agri-food group Newlat has reported a pro forma consolidated revenue of €516.9 million in its financial year 2020, up 3.2% on a like-for-like basis compared to 2019.
The company's pro forma consolidated EBITDA amounted to €49.6 million, up from €35 million in the previous financial year.
However, the proforma consolidated normalised EBITDA amounted to €51.4 million, up by 44.1% compared to 2019.
Consolidated net profit for the financial year amounted to 38.6 million, a clear increase compared to €7.2 million in the previous year.
Chairman Angelo Mastrolia commented, "2020 has been a particularly challenging year in view of the COVID-19 pandemic.
"This past year has been crucial in reconciling the health of our employees and meeting the increasing demand for food, both nationally and internationally."
Revenues in the company's pasta segment increased by 7.5%, driven by growth in sales volumes, particularly in the German market.
The milk products division witnessed a slight increase in revenue due to higher sales volumes in Germany's large-scale retail channel.
The bakery products segment saw a 9.6% year-on-year growth in revenue with an increase in the sales volumes of bread substitutes.
The company expects to generate a turnover of €1 billion within the next 12-24 months and has significant resources available to continue its external growth plan for the coming year.
Mastrolia commented, "The year that has just ended has also meant the year of an important acquisition that has allowed us to reach the first half-billion euros of turnover, an objective not taken for granted in consideration of the difficulties with which it was operated during the pandemic.
Last year, Newlat Group acquired a 46.24% share in dairy company Centrale del Latte d'Italia (CLI).
"The result of the acquisition is even more significant if we consider that in a few months it was possible to make a company performing and profitable, which in 2019 closed its balance sheet with a heavy loss," Mastrolia added.
© 2021 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: The European Supermarket Magazine.