La Doria - Pandemic windfall
The group has continued to grow strongly in Q3, albeit at a slightly reduced pace compared to H1. Revenues for the first nine months (9M) were significantly higher than last year due to higher volumes as consumers were at home, particularly during Q2. Margins expanded owing to higher operating leverage and improved industrial efficiency as the 2018 investment plan is almost complete and starting to bear fruit. We continue to see upside to our forecasts, as La Doria benefits from the prolonged pandemic-related shift in consumption.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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