RadiciGroup FY2020 results show growth despite pandemic
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.
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
Sources: Radici Group Press Release
Image Sources: Radici Group Press Release