La Doria (LON:0F2Qmi) has delivered a strong set of results despite the challenging economic backdrop in its key markets. Organic growth was an impressive 8.4%, which was mainly volume-driven and broad-based across categories. EBITDA margins were down 30bps due to continued pressure from the supermarkets, mainly in the UK. Management is committed to remaining cost competitive and to shifting the business mix towards the faster-growing, more profitable areas. The new industrial plan, announced in March, should deliver this over the next four years, and targets c 3% revenue and 7% EBITDA CAGR FY17-21.
Strong Q118 results
Q1 results were impressive, with organic growth of 8.4%. This was mainly driven by volume growth, which was witnessed across all categories except the fruit line. Pricing was flat overall, but more of a mixed performance, with price increases on the LDH side due to inflationary currency effects, while the rest of the business – which is the manufacturing side – experienced some price declines. Group EBITDA margin contracted 30bp to 6.8% due to continued pricing pressure.
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