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THE BOARD APPROVED THE 31 DECEMBER 2020 DRAFT FINANCIAL STATEMENTS

Fine Foods is a company in continuous expansion, as confirmed by the newly published 2020 draft financial statements. A closing in the name of growth, which saw the acquisition of Pharmatek and the entry into new markets, despite the context strongly influenced by the global pandemic.

  • REVENUES + 8%
  • ADJ EBITDA +10%
  • ADJ EBITDA MARGIN AT 13%
  • PROPOSED ORDINARY DIVIDEND OF € 0.14 PER SHARE

 

The Chief Executive Officer, Giorgio Ferraris, commented:

"Year 2020 was extremely challenging. The province of Bergamo, where our two plants are located, was the first community in Europe to be hit by COVID-19 and it took all the resilience of our company and our employees to come out, almost unscathed, from this dreadful threat, at that time unknown.

For most part of the first half of the year we fared in uncharted territory, accruing a gap in our revenues, that was eventually offset by an extraordinary second half, full though of inevitable inefficiencies triggered by the chaotic and erratic pattern of the year.

Once again, despite the situation, Fine Foods significantly outperformed the reference markets, Food Supplements and Medicinal Products in solid oral forms and we also managed to slightly increase the EBITDA margin, which, considered the circumstances, is nothing short of an extraordinary feat and the employee’s satisfaction surged to all time levels.

We believe that the year 2020 showed the solidity of FF’s business model and the strengths and reliability of our organization. The COVID tragedy further consolidated the cohesion of our company and the trust of all our stakeholders, which will be instrumental to resume our programs of organic growth and acquisitions in 2021."

 

Read the press release

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