Italy's Pastificio Garofalo Reports Record Year
Italian pasta company Pastificio Garofalo reported a 35% increase in turnover to €220 million last year, a new record high for the business.
The company's performance was achieved against the backdrop of a market severely tested by the pandemic, especially in the first months of lockdown, reports daily La Repubblica.
The Gragnano-based company managed to implement all the appropriate safety measures and secure uninterrupted product supplies to the large-scale retail trade, it said.
International sales, which account for 60% of the company's turnover, grew by 48%, compared to 15% growth within the Italian market.
The best performer was the US market, but positive trends were also seen in key European markets, such as Spain, France and Germany, thanks to marketing campaigns aimed primarily at Italians living abroad.
EBITDA was stable at just below 13%, but grew in absolute value terms. Further growth is forecast for the coming years, with the business earmarking €44 million in structural investments for the period 2021-2023.
Pastificio Garofalo recently completed a packaging reformation of most products in its semolina pasta line, highlighting the recommended cooking time as well as a more detailed indication of the origin of the wheat.
Spanish group Ebro Foods holds a 52% share in Pastificio Garofalo, while company CEO Massimo Menna holds the remaining 48%.
© 2021 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