Italian olive oil producer Pietro Coricelli reported a turnover of €125.8 million in its financial year 2020, up 8% year-on-year, while volumes sold increased 15% to 38.7 million litres.
The performance of the Spoleto-based group, which comprises the Pietro Coricelli and Olio Cirio brands, is in line with forecasts from the AC Nielsen 2020 survey, according to a report in Ansa.
Although 2020 was a challenging year, according to CEO Chiara Coricelli, the retail segment performed well, consequently boosting the company's performance.
The extra virgin olive oil category, which accounts for 67% of its turnover, remained Pietro Coricelli's best-selling product.
The company's new Casa Coricelli traceable olive oil SKUs – Biologico and 100% Italiano – were placed among the top 50 in Italy.
Export accounted for 47% of the total turnover, with the main markets being the USA, Spain, Japan, Canada and Russia, where the company has been present for over 30 years in grocery retail stores with its branded products as well as private labels.
Focus On Home Market
After focusing on foreign markets, Pietro Coricelli has decided to prioritise its home market, where it has achieved constant growth.
The percentage of overall turnover in Italy increased from 42% in 2018 to 44% in 2019 and 53% in 2020.
The group also continued to invest in the digital channel with a new website and e-commerce to push online sales.
The growth strategy for 2021 includes entry into new markets besides the core oil business.
The company plans to launch new Mediterranean food items with high-quality products such as pasta, sauces, pesto and passata.