Marr: important signs of recovery
Ospitali (ad): "Revenues higher than the market trend thanks to the effects of commercial initiatives"
At the end of the 1st quarter the company recorded a positive trend, also confirmed in April, both in terms of revenues and profitability.
The board of directors of Marr SpA, leader in Italy in the marketing and distribution of food and non-food products to the foodservice, approved the interim management report as of March 31, 2021. Against total revenues of 188.6 million, revenues for sales in the first quarter they amounted to 186.2 million euros (compared with 259.7 million in the same period of the previous year). In particular, sales to customers in the "Street Market" category (restaurants and hotels not belonging to groups or chains) and the "National Account" (operators of structured commercial catering and collective catering) were affected by zone restrictions during the 'entire period, while in the 1st quarter of 2020 they were impacted by the lockdown measures only starting from 10 March 2020.
On the other hand, sales to wholesalers and retailers ("Wholesale" category) were less affected by the aforementioned restrictions. Consolidated Ebitda for the period was 108 thousand Euros compared to 3.6 million of the previous year; Ebit was –7.0 million compared to -4.2 million in the first quarter of 2020. The net result for the period stood at –6.3 million and compares with the –4.0 million of the previous year . At March 31, 2021, the net commercial working capital was equal to 232.4 million euros, a decrease compared to the 281.8 million at the end of the first quarter of 2020. Net financial debt amounted to 235.8 million euros (275.4 million at 31 March 2020) and includes 258 million euros of liquidity, further strengthening compared to 251 million at 31 December 2020. Consolidated shareholders' equity at 31 March 2021 was 331.8 million euros ( 336.6 million as of March 31, 2020).
In assessing the outlook, Marr found it interesting to segment the quarter's result by single month. In fact, while in January and February the decline in total revenues was equal to –56 and –37 million respectively, in March the recovery towards the same month of the previous year was 20 million (+ 42%). The latter value, however, is confirmed in April which, with total revenues slightly higher than those of the immediately preceding month, achieved an increase of 48 million (of which approximately 4 million relating to recent acquisitions) compared to April last year (around 76 million in 2021 compared to 28 million in April 2020). Profitability has moved hand in hand. At the end of the quarter, EBITDA was positive with a substantial recovery in March.
The combination of these assessments - explains the company of the Cremonini group in a note - combined with the trends recorded in the first part of the second quarter, then April and the first weeks of May, allow us to confirm the shy optimism already expressed just ended the first quarter .
In an interview published in the QN on May 17, CEO Francesco Ospitali stated: "In the quarter, despite being significantly affected by the growing restrictions on activities related to tourism and non-domestic catering, Marr achieved higher revenues than the market trend thanks to to the effects of the commercial initiatives implemented in the previous months. In recent weeks (with the reopening of outdoor catering activities from April 26) there are tangible signs of market recovery which confirm expectations of recovery. It is on the certainty of recovery and the return to the new normality with a growing attention to the quality and origin of food by the final consumer which is based on the consolidation and development strategy of MARR having as a constant filrouge the always confirmed and implemented customer in mind approach in fact, the market represents our point of reference in all projects and operational activities and logistics that we intend to carry out".
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