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Orsero, revenues up in the first nine months (+ 5.4%)

Profits quadrupled to 13.3 million

The board of directors of Orsero, holding of the homonymous Group among the leaders in Mediterranean Europe for the import and distribution of fresh fruit and vegetables, approved the Consolidated Economic - Financial Data as at 30 September 2020 and confirmed the FY 2020 guidance. net amounts to € 788.7 million (+ 5.4% compared to 30 September 2019). The improvement is linked both to the solid growth of the Import & Distribution BU driven by the positive performance of the Italian, French and Spanish companies, and to the positive contribution of the Shipping BU. The Adjusted Ebitda is equal to € 39.2 million (+ 39%, with an Adjusted Ebitda Margin of 5%). The Adjusted Ebit of € 20.1 million doubles compared to the € 9.6 million achieved at 30 September 2019. The Adjusted Net Result shows a profit of € 13.3 million compared to a profit of € 3.6 million at 30 September 2019.

Raffaella Orsero, CEO of the Group, commented: “We have closed an excellent quarter and are confident in achieving all the targets we have set for 2020. Despite the numerous socio-economic challenges caused by the pandemic, the sector has shown resilience. Our business model has proved to be solid and has been able to simultaneously respond to the panic buying originating from the severe restrictive measures put in place by the public authorities, the changed demand for products by consumers and the demand for more services by the large distribution. Our priority remains the safety and health of workers for this reason we are continuing to monitor and manage the evolution of the pandemic with great attention”.

Matteo Colombini, CFO and co-CEO, commented: “We are very satisfied to have achieved solid growth in terms of turnover and margins, albeit in the face of some areas of activity significantly impacted by the effects of the pandemic. The Group's economic result is also solid from an equity and financial point of view, which allows us to plan investments aimed at the dimensional growth of the Group which aims at a new M&A phase aimed at bringing added value and profitability niches with high potential growth".

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EFA News - European Food Agency
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