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RadiciGroup FY2020 results show growth despite pandemic

Jul 05, 2021
RadiciGroup FY2020 results show growth despite pandemic

Bergamo, Italy

RadiciGroup, closed its 2020 financial year with higher EBITDA up 4.4% compared to the prior year, and net income, net of amortization and depreciation, that rose to 8.1% over 2019. Throughout the year, impacted by the pandemic and the restrictive measures adopted to contain its spread, the Group continued its strategy of focusing on its strategic and synergistic core businesses, such as chemicals for nylon production, engineering polymers and advanced textile solutions.

The Group performance in 2020 reflected the trend of the pandemic: a drastic drop in demand during the first half of the year after a lockdown was imposed, followed by a good recovery from September to November, which somewhat slowed down in December by an upsurge in the contagion rate. The Advanced Textile Solutions business area was more affected than the other BAs in the Group, in line with the performance trend of the textiles sector nationwide.

The year 2021 got off to a positive start: in the first quarter, sales revenue and gross operating margin went up in almost all business sectors, despite the large increase in the cost of raw materials in the same time period.

Angelo Radici, President, RadiciGroup, stated that, FY2020 was a challenging year in many respects but the company managed to limit the negative effect of the pandemic and obtain satisfactory results, which proves its competitiveness. Although the global scenario is still uncertain, they are confident that, they will be able to continue to offer the customers high-performance solutions through increasingly innovative and sustainable projects.

RadiciGroup is an Italian multinational founded and headquartered in Bergamo and leading producer of chemicals, engineering polymers, synthetic fibres and nonwovens, with 3,000 employees in 15 countries worldwide.

Sources: Radici Group Press Release

Image Sources: Radici Group Press Release

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