RadiciGroup, an Italian multinational company engaged in chemicals, engineering polymers, fibres and nonwovens business, reported sales of €1,092 million in fiscal year 2019. Company’s EBITDA for the year were €165 million. Investments made in FY19 to further RadiciGroup growth brought the total amount allocated during the 2015-2019 period to €216 million.
The group suggested that the results were in line with the budgeted figures and were attained through the strategy of focusing on those group businesses that were strategic, synergistic and of interest in the medium term.
The goal of the group’s approach was to improve its competitive position and achieve an overall balance among the geographical areas where it operates in order to reduce dependency on single markets and increase cash flow to finance new initiatives in its strategic businesses, as reported in the press release.
Crucial to maintaining the group’s competitiveness and development in FY19 was the decision to continue allocating sizeable investments totalling over €45 million to the constant technological upgrading of plant and equipment, as well as to business sustainability. In particular, €7.6 million was earmarked for implementing best available techniques, enhancing energy efficiency, emission abatement and R&D activities aimed at adding to low environmental impact processes and products.
“We are pleased with how the group closed the year 2019,” Angelo Radici, president of RadiciGroup, said in a press release. “The figures confirm out market competitiveness. Our attention will now be focused on the evolution of the global scenario and the inevitable impact of the Covid-19 health crisis, which has plagued the whole world since the beginning the year. Despite the fact that our figures held up during the first quarter of 2020, for the second and following quarters we expect a general downturn, although, as of today, it is impossible to forecast with any certainty what the actual effects of the pandemic on the world economy will be.”
“However, we are confident and believe that our group has put into place all the strategies needed to handle the emergency situation, thanks to our solid equity and financial position, geographical diversification and efficient production organisation, in addition to our great research and development efforts,” Radici said.
Fibre2Fashion News Desk (JL)