Elica recovers in the 3rd quarter
But the pandemic weighs on revenues in the first 9 months (-13.2%)
The group, based in Marche Region, is specialized in the production of hoods and kitchen tops.
Significant acceleration in the third quarter of 2020 (+ 6.4%) driven by the growth of the cooking segment, both in its own brands (+ 9.7%) and in the oem channel, manufacturer of original equipment (+ 4.6%). Significant increase in margins in the third quarter of 2020 thanks to revenue growth, cost containment actions and an increasingly flexible business model. These are the drivers of the financial statements for the first nine months of 2020 of the Elica Group based in Fabriano (Marche Region), active in the market for kitchen hoods and extractor hobs since the 1970s and listed on the Milan stock exchange. More specifically, from January to September Elica, due to the reduction in sales volumes recorded in March and in the second quarter of the year due to the covid and the consequent lockdown, achieved consolidated revenues of 308.9 million Euros, 13.2% less than in the same period of 2019.
In particular, there was an estimated reduction in world demand in the range hoods of -11%. A negative trend that impacted all markets: Asia reported a decline of 13.6%, Emea (-7.1%) reflects the lockdown effect of the second quarter of 2020, while in the third there was a recovery in Europe, with particularly positive signs in Italy, France, Spain, Germany and Russia. The American market reported a decline of 12.1%, with a significant impact in the second quarter due to the worsening of the health situation. Ebitda for the first nine months was € 25 million, down by 23.2% compared to the same period in 2019 (when it was € 32.6 million), with a margin on revenues of 8.1% compared to 9.2% in the first nine months of 2019.
"We have resumed our growth path in the cooking segment, both in sales to own brands, thanks to our market positioning in Europe and North America, to the innovation and design value of our products and to the commercial strength that distinguishes us, which in the oem one. Also the turnover of the engine division, in the quarter, quickly aligned to the record levels of the same period last year - explains Mauro Sacchetto , CEO of Elica - The cost containment plan continued in the third quarter, which allowed us to record margins. above expectations and improving on the same period of the previous year. The reduction of the capex of about 40% confirms our speed of execution and the focus on protecting the financial stability of the group”.
EFA News - European Food Agency