Stationery, school and art supplies manufacturer FILA has reported improvements in key European and North American operations.
The Italian group reported is back on a growth trajectory following the steep declines seen in the first quarter.
Key figures in the report include:
- Core operating revenue of €350.7 million, +37.4% on the same period of the previous year (€255.2 million in H1 2018);
- Core operating revenue up 2.4% in H1 2019 (-0.5% net of currency effect) compared to the first six months of the previous year on a pro-forma basis with the first six months of 2018 for the Pacon Group;
- Significant growth in Asia (+23%), particularly in India, and major recovery for North American revenue in the second quarter of the year, featuring a school’s campaign increasingly concentrated in the second and third quarters, and in Europe for the resolution of the effects stemming from the 2018 reorganisation of and for the efficiency of the Annonay central warehouse from March 2019;
- Adjusted EBITDA of€58.2 million, +31.2% on €44.4 million for H1 2018;
- Adjusted EBITDA in H1 2019 recovers significantly on the first quarter, up 1.3% (-2.5% net of the currency effect) on the first half of 2018 on a pro-forma basis with the first six months of 2018 for the Pacon Group;
- Adjusted net profit of €22-million, against €15.5 million in H1 2018, growth of 42% and mainly due to the M&A effect; and
- Net debt of €521.9-million at June 30, 2019 (net of the IFRS 16 effect of €80.5-million), compared to €452.8-million at December 31, 2018.
“The first half of 2019 comprehensively highlighted the recovery of Group operating efficiency and the resolution of the main issues stemming from the 2018 reorganisation, while in March the central Annonay European warehouse achieved full efficiency, in line with expectations,” says Massimo Candela, CEO of F.I.L.A.