La Doria - Storming ahead
La Doria has had an outstanding year, driven by record volume growth as consumers were forced to eat more meals at home. Volumes were up an impressive 16.2% during the year, which led to significant operating leverage. Margins also benefited from the cost savings coming through from the industrial plan launched in 2018, hence were up 200bps at the EBITDA level. The board has proposed a dividend of €0.50/share, and has approved a new three-year strategic plan, given that the FY20 results exceeded the FY22 goal. The new plan continues to target growth in the value-added and higher-margin product categories, and recognises that FY20 was an exceptional year: revenues are expected to fall in FY21 as consumption slowly returns towards more normal levels, although profitability will continue to benefit from the aforementioned cost savings.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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