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Marr, leap in profitability and profits: dividend of 60 cents announced

A new plant will soon be inaugurated in Lombardy, with an investment of € 28 million

The Italian Rimini based Marr Group closed 2023 with total consolidated revenues of 2,085.5 million euros with growth of 155 million compared to 2022. Operating profitability recovered strongly with consolidated Ebitda at 123.1 million euros ( 82.1 million in 2022) and the Ebit equal to 84.9 million (46.2 million in 2022). The net result almost doubled to 47.1 million (it was 26.6 million in 2022) despite higher net financial charges of 9.7 million due to the increase in the cost of money starting from the second half of 2022. 

For the Cremonini group company (listed on the Star segment of the Italian Stock Exchange), absolute leader in foodservice distribution in Italy, the net financial debt as of 31 December 2023 is 223.4 million euros and compares with 217.6 million in 2022. 

Given the results, the board of directors in today's meeting proposed to the Shareholders' Meeting on 19 April the distribution of a gross dividend of 0.60 euros (0.38 euros the previous year). 

The bulk of sales, for over 1.85 billion euros, were made with Street Market customers (restaurants and hotels not belonging to groups or chains) and National Accounts (structured commercial catering and collective catering operators). The rest went to wholesalers (wholesale, for almost all frozen fish products). 

Regarding the evolution of the business, the company explained that "sales to catering customers (Street Market and National Account) in the first two months of 2024 are consistent with the growth and margin objectives expected for the year. These results have matured in a context of out-of-home food consumption in Italy which is expected to grow for the entire year 2024 (TradeLab, February 2024) thanks also to a positive trend in tourism". 

The group confirmed the investment plan to strengthen and modernize its operational capacity and announced that the new Marr Lombardia platform in Bottanuco (Bergamo) will be inaugurated within the 2nd quarter, intended to increase its presence in the Lombardy region, which it is the first in Italy in terms of value of food consumption outside the home. The start of distribution activities from the new unit, a modern structure of over 14 thousand square meters, is expected for the first half of 2024 and the total investment is expected to be in the order of approximately 28 million euros, of which 21 million have already been carried out as of 30 September 2023.

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EFA News - European Food Agency