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News

La Doria: Revenues up 20% in 2023

04/04/2024 - Press release

La Doria reported 2023 revenues of Euro 1.228 billion with overseas market sales up 22.6% and Italian market by 11%, with the growth driven by Red Line (+34%), Pulses, Vegetables and canned pasta line (+27.5%) and Sauces Line (+26.2%).

The Board of Directors of La Doria S.p.A.,

the leader in the production of tomato-based products, sauces, pulses and fruit juices for the supermarket private labels, has approved the Separate Financial Statements and Consolidated Financial Statements at December 31, 2023.

Despite the major geopolitical uncertainties and a general economy still impacted by high levels of inflation, Group operating results were up significantly on 2022. 2023 revenues in fact totalled Euro 1.228 billion, up 20.6% on Euro 1.018 billion for the previous year. This result follows not only higher sales prices, but also an increase in volumes sold and the major investments rolled out by La Doria over the last five years: approx. Euro 142 million between 2019 and 2023, with approx. Euro 60 million to expand production and logistical capacity, over Euro 20 million targeting environmental sustainability and energy efficiency and approx. Euro 10 million for the digital transformation. La Doria has earmarked additional capex of Euro 30 million in these areas for 2024.

“La Doria’s growth stems both from the flexibility of our Group to face challenges and tap into opportunities, alongside our capacity to adapt to altered market conditions. We have maintained a focus on the commercial development and expansion of our key markets, while also continuing to focus on optimising procurement and production processes, thanks to new major investments. We have therefore improved overall efficiency and maintained a solid and competitive market position” – stated La Doria Group’s CEO Antonio Ferraioli.

In terms of the revenue breakdown by product type, the “Red line” grew 34%, with significant increases also for the “Pulses, vegetables and canned pasta line” (+27.5%), while the “Sauces line” was up 26.2%. Finally, the “Fruit line” grew 0.9%, while the “Trading” lines – including the products of the subsidiary LDH (La Doria) Ltd imported from third parties and sold on the UK market (such as dry pasta, tuna, salmon, canned corn and others) – grew 10.6%.

In terms of the breakdown of revenues by brand, the private labels accounted for 95.6% in 2023, with the remaining 4.4% generated by the company’s brands and industrial co-packing, confirming the central role of private labels to the Group’s operations.

In relation to the breakdown of revenues by region, the Italian market accounted for 15.5%, while the export market accounted for 84.5%. The Group exports to 60 countries across the world: the main overseas market remains Great Britain, followed by Germany, Scandinavia, Australia, New Zealand and Eastern Europe. Overseas market sales rose 22.6%, also thanks to the satisfying growth in volumes, while the domestic market, the second largest after the United Kingdom, reported revenue growth of 11%.

“In terms of the next steps, our growth levers will continue to be the strengthened demand for Made in Italy food products overseas, and the continued development of the private labels. We look to the future with confidence, mindful of the challenges ahead of us but confident in our ability to tackle them successfully, also thanks to our consolidated relations with customers, and aware that we can generate sustainable value for all stakeholders” – concluded La Doria Group CEO Antonio Ferraioli.

Source: La Doria

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