Newlat Food: closes 2023 with notable growth

Reggio Emilia / IT. (nlf) The Board of Directors of Italy’s Newlat Food SpA (Birkel Nudeln, 3 Glocken et cetera) examined and approved the Draft Financial Statements and Consolidated Statement for the year ended 31 December 2023. The 2023 figures confirm a positive trend in the main aggregate economic and financial figures of the Group.

The consolidated revenues of the Group in 2023 were equal to EUR 793.3 million, up 7 percent compared to 2022. The Group’s consolidated Ebitda was EUR 68.1 million, showing a clear increase compared to EUR 56.4 million in the previous year. Consolidated Ebitda margin stands at 8.6 percent, up compared to 7.6 percent recorded in 2022. Adjusted Ebitda was EUR 72.4 million; adjusted Ebitda margin was 9.1 percent. Consolidated EBIT was equal to EUR 31.3 million, a marked improvement compared to the previous year equal to EUR 20.1 million. Consolidated Net Income was equal to EUR 15.5 million, up by 135.2 percent compared to the previous year. Proforma consolidated Net Debt as at 31 December 2023 was equal to EUR 74.3 million, a clear improvement compared to the figure recorded in the previous year equal to EUR 109.8 million. Excluding the effects of IFRS 16, the consolidated Net Financial Position as at 31 December 2023 was equal to EUR 29.5 million, compared to the figure recorded in the previous year of EUR 63.1 million.

Chairman Angelo Mastrolia: «In a very volatile market context characterized by intense promotional activity in the last quarter of the year, Newlat closed 2023 with notable growth in turnover and a strong improvement in margins, above the sector average. Thanks to the great financial flexibility and excellent cash generation, we initiated, during the fourth quarter of 2023, a series of investments amounting to EUR 25.2 million, including the new oven, which will significantly strengthen the offer of both special and traditional products, expanding the range significantly. These investments will allow our industrial structure to face new commercial development challenges with even greater efficiency.»

«2023 saw us engaged in a great deal of work in the attempt to acquire Princes, an English group with a turnover of around EUR 2 billion. Although the deal presented interesting strategic potential, Newlat believed that the current market context in the UK required greater prudence, also by virtue of the reverse merger characteristic of the operation. Nonetheless, external growth will continue to be a strategic element of primary importance for our Group. Thanks to the ample cash availability and the financial support of a group of large international banks, the Group will be able to operate on the M+A market with extreme financial flexibility. We are currently engaged in four important dossiers, all strategically relevant for our Group, and of which we hope to be able to share the details soon.»

«2024 confirms the Group’s strong ability to offer its customers a product portfolio capable of generating further growth despite a slowdown in demand and a reduction in prices in line with the decrease in inflation.»

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