Massimo Zanetti Sees Profits Fall 21.9% In First Nine Months
Massimo Zanetti Beverage Group closed the first nine months of the year with a 21.9% year-on-year drop in profit, to €8.2 million.
Excluding one-off costs, however, the amount would be in line with the same period of 2016, when the figure was €10.5 million.
The Italian coffee company reports that consolidated sales rose 5.6% to €708.5 million, with revenue increasing in all geographical areas and distribution channels.
The food service channel grew by 11% and contributed to 22.2% of MZB Group’s consolidated revenue, and the mass market channel grew by 4%, with a contribution of 36.9%, while the private label channel grew by 3.9% and contributed 34.6%.
The Americas remained the main geographical area in terms of revenue, accounting for 47.3% of the total, followed by Southern Europe (25.8%), Northern Europe (19%) and Asia, Pacific, and Cafès (8%).
Revenue from the single serve segment grew by 34.2% during the period, compared with the first nine months of 2016, however, the sales volume of roasted coffee fell by 1.1% to 95,562 tonnes.
Massimo Zanetti has confirmed its estimates for 2017 in terms of gross profit, adjusted EBITDA and net financial debt.
Sales volumes, however, will be affected by the soft performance in the Americas and the private label channel, and should be in line with the values for the 2016 financial year.
The company adds that the completion of the merger of Nutricafés and Segafredo Zanetti Portugal, which resulted in the establishment of MZB Iberia, should provide significant efficiencies over the coming years, starting in 2018.
© 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