La Doria - Looking ahead with confidence
La Doria has posted another strong quarter, with revenue and EBITDA growth notwithstanding the strong base. Revenue growth was mainly price-driven, and mostly driven by the UK business. While the outlook for the sector remains favourable, the company continues to expect revenues and volumes to fall during 2021 as consumption gradually returns to normal and following the exceptionally strong performance during FY20. Management expects EBITDA to improve as the benefits of the investment plan start to flow through in full. We leave our estimates unchanged.La Doria is a food product manufacturing company based in Italy. Co. specializes in the manufacture and production of foodstuffs, particularly tomato-based products (canned tomatos and ready-to-serve sauces), and other canned products such as pulses and fruit. The main products are peeled tomatoes, chopped tomatoes, tomato puree. Co. mostly sells its production to Italian and European retail groups such as GS Euromercato, Sainsbury, Tesco and Safeway; these companies distribute La Doria products under their own labels. Other lines include canned beans, vegetables, and pasta products.
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