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Mutti: turnover is up by 18%

24/05/2024 - François-Xavier Branthôme
Mutti is reporting double-digit growth in 2023, with sales reaching EUR 665 million, more than half of which will be generated by export markets.

According to the Italian press in April 2024, the Mutti Group, the Parma-based processing company and Europe's market leader for tomato products, continues to post double-digit growth and closed 2023 with total sales of EUR 665 million, up 18% on the previous year (see related articles below).

This success is due to the ever-increasing importance of exports, which reached 53% of total sales in terms of value. A new industrial investment program for the five-year period 2024-2028, worth EUR 100 million, has also been announced.

 The increase in turnover is closely linked to the rise in sales volumes, which reached 350,000 tonnes in 2023. The expansion of Mutti's product range has accelerated significantly in recent years, with the launch of fresh soups, the corresponding entry into the chilled products sector, and the extension of its range of ready-to-use sauces, which now includes "Mutti style" Ragù, a 100% vegetable ragù. These developments have led to a significant increase in production volume. 
The EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization), is up 17% year-on-year to EUR 52.2 million, and the net financial position, from EUR -123 to -120 million, also improved year-on-year.

"The 2023 results confirm, once again, that our trajectory of continued growth rests on the solid foundations of uncompromising quality, competence and employee excellence. The last few years have been complicated, with ever-increasing inflation and unprecedented weather conditions, but by sticking consistently and resolutely to our benchmarks, we have been able to face up to the major challenges that we have been confronted with," stated Francesco Mutti, the company's CEO. "Our project will see us accelerate more and more abroad with an ambitious investment plan in 2024-2028, with the clear objective of generating value for our employees, our community, our territory and for those around the world who choose us every day."

The growing role of internationalization
The increasing drive towards internationalization is also a factor in the rise of volumes and sales. For the second year running, the proportion of sales generated abroad exceeded those generated within Italy's borders. From the 51% recorded in 2022, the relative share of exports rose in 2023 to 53% in terms of value, or EUR 353 million, compared with EUR 312 million for sales within Italy. The volume share also follows and consolidates this trend, with 196,000 tonnes of products sold abroad, i.e. 56% of the total.

In addition to Italy, where Mutti's consolidated leadership is reflected in a 33.4% market share in terms of value, the company is the market leader in seven other European countries (France, Sweden, Denmark, Norway, Finland, Slovenia and the Netherlands). The brand's success is also confirmed in Germany, where the new sales headquarters were recently inaugurated in Hamburg, with local sales up 58% on 2022.

Outside Europe, a gradual consolidation process is underway in the United States (local sales amount to EUR 21.6 million, up 40%), while the company has recently established itself as market leader in Australia.

However, France continues to be the Group's second-largest market, after Italy. Results show particularly significant growth, with sales in France rising from EUR 56.1 million in 2022 to EUR 71.5 million by the end of 2023. Growth affected both the tomato products market, with sales up +21.6% in terms of value, and the ready-to-use sauces market, up +17% year-on-year in 2023. Mutti appears to be the only brand in the country's tomato products industry that is growing, once again confirming its leadership in this sector, with a value share of 18.7%.

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