Italy's Amadori Sees Turnover Up, Limited COVID-19 Impact
Italian agri-food group Amadori closed its 2019 financial year with a turnover of €1.3 billion, up 3.9% year-on-year.
This marked the third straight year of revenue growth for the company, while EBITDA increased by 11.8% on 2018, to €118 million.
According to the Amadori, the positive performance is the result of investments made in recent years, which continued in 2019.
It focused in particular on the development of its Bio, Il Campese Pollo allevato all’aperto and Qualità 10+ brands, it said.
As to the impact of COVID-19 on its current performance, the company said that it has only been marginally affected.
Speaking to daily Il Sole 24 Ore, CEO Francesco Berti said that estimates for 2020 indicate a slightly lower turnover to that of 2019.
The company has earmarked €250 million for investments in the period from 2020 to 2022 (compared to €220 million in 2016-2019), of which €130 million is destined for the business' production plants, €80 million towards supply chain and logistics and €40 million towards incubators and feed mills.
The business will use funds from the sale of its Fattoria Apulia business to Fattorie Garofalo, a deal completed at the end of last month.
Foggia-based Fattoria Apulia is one of the largest Italian farms (1,850 hectares) and is used for buffalo breeding. It was purchased for €30 million by a Capua-based farm active in the buffalo dairy sector.
According to Berti, Amadori is still on the lookout for M&A operations and partnerships in the cold cuts sector, after a possible deal to acquire Vismara from Ferrarini group fell through.
© 2020 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