Horeca and travel retail push Masi Agricola’s Q1 (+ 38.4%)

The recovery of the horeca and duty free & travel retail channels as well as the ‘rush to buy’, especially of the overseas markets, pushes the first quarter of 2022 Farms. In the period, the company recorded revenues of 19 million euros, up 38.4% on the previous year. A sales performance that thus qualifies Q1 2022 “as the best first quarter from listing toEuronext Growth Milan“.

At the product-mix level, classified according to the retail price-positioning (as specified in a note, we refer to a tendential positioning of retail price-range on the shelf in Italy, we mean: Top Wines, wines with a higher price per bottle at 25 euros; Premium Wines, wines with a price per bottle between 10-25 euros; Classic Wines: wines with a price per bottle between 5-10 euros), the Top Wines were equal to 29%, the Premium Wines at 47% and Classic Wines at 24%, and therefore substantially in line with the counterperiod.

The main countries of the group recorded an increase: Europe (+ 33.8%), the Americas (+ 32.3%) and the rest of the world (+ 40%), which thus accounts for 6.5% of total revenues . Italy grew by 53.6%, thus contributing to over a third of the increase in overall revenues.

As anticipated, the results for the period are also the result of some determinants. First of all, in fact, the resumption of the horeca, “which overall is regaining enamel, albeit with significant midweek fluctuations and with metropolitan centers (and many tourist centers) that still do not work at pre-Covid levels”, as the note specifies. The brand has benefited above all from this recovery Canevelto which is added the contribution of the “design and distribution activities, in Italy and abroad, both brand and branding implemented in recent years”.

Among the other drivers, there is the high propensity of markets, especially overseas ones, to anticipate purchase orders to “guard against any price increases and to face the accentuated difficulties of international transport”. Finally, we recall “the gradual return to operation of the duty free & travel retail channel, historically very volumetric for our company” even if it is still “far from pre-Covid”.

In the three months the EBITDA almost doubled from 2.4 million to 4.7 million, with an increase in the EBITDA margin as well (from 17.5% to 24.9 percent).

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