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Longino and Cardernal returned positive in 2023

Revenues grew by 12.9% and ebitda stood at 800 thousand euros, from the red of 700 thousand euros a year earlier.

The 2023 financial year "not only maintained the growth of the first half but also significantly improved the result". This is how Riccardo Uleri, president and ceo of Longino & Cardenal S.p.a., active in the research, selection and distribution of rare and precious foods for national and international haute cuisine summarizes the 2023 result. the exercise is archived item with revenues to 35,8 million Euros, 12.9% in more regarding 2022 with a positive ebitda to 800 thousand Euros, from the -700 thousand Euros of a year before. " Significant growth -said the official statement-, with excellent performance in the revenues of foreign subsidiaries: Hong Kong (+41.5% between 2022 and 2023) and New York (+42.3% year on year)". 

Positive result also for the production subsidiary Il Satiro Danzante which in 2023 recorded a +64.2% compared to 2022. The net result for 2023 was equal to - 500 thousand Euro, still negative but improving compared to the red 1,2 million Euro in 2022: net financial debt amounted to 6.8 million Euro against 5.4 million at 31 december 2022. The start-up Umami launched in 2019, active in the production of black garlic, black shallots and fruit vinegars, doubles its turnover to 69 thousand Euro.

"At consolidated level, sales grew by 12.9% with a positive ebitda, in clear contrast to the negative result of last year, said the president Uleri-. We can say that we are definitely out of the pandemic period, which has weighed on the reference sector and on the results of our group, in order to resume the growth project for which we were quoted in 2018".

"The results -adds Uleri- have also proved very satisfactory for all companies, returned to a positive margin except the most recent in terms of constitution, namely the subsidiary of New York and Shoplongino, but in line with what is the strategy of our group, that is to start companies from the green field financing them until the attainment of the break-even, in order then to benefit of the positive results and the creation of value for the whole group, like already happened for the societies of Hong Kong and Dubai".

"The parent company -continues the president- grew by 8,7% achieving a turnover of 27,5 million Euros with an ebitda exceeding 1 million Euros, thanks to the increase in the intermediation margin of almost 3% and a decrease in fixed costs of over 450 thousand Euros. This is different for Shoplongino, which deals with e-commerce, because it started operating only in the second half of last year. Recall that this company does not make sales, which are operated by the parent company and subsidiaries in Hong Kong and Dubai, but receives a royalty from the aforementioned companies".

"During the year -says Uleri- we have implemented a strategy of increasing the intermediation margin, reducing transport costs and reducing investments in marketing, that has allowed to realize a margin of contribution positive and in meaningful increase, that it will allow, with the business strategies, to realize a positive result in 2025. In short, we are very satisfied with the results achieved in the year 2023 and we look forward with optimism to the continuation of our growth path".

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EFA News - European Food Agency