#Yarn & Fiber
RadiciGroup reports good FY2020 results despite the pandemic, thanks, in part, to new investments in innovation and sustainability
Throughout the year, which was inevitably impacted by the pandemic and the restrictive measures adopted to contain its spread, the Group continued its strategy of focusing on its strategic and synergistic core businesses, such as chemicals for nylon production, engineering polymers and advanced textile solutions.
Generally speaking, Group performance in 2020 reflected the trend of the pandemic: a drastic drop in demand during the first half of the year after a lockdown was imposed, followed by a good recovery from September to November, which was, however, somewhat slowed down in December by an upsurge in the contagion rate. The Advanced Textile Solutions business area was more affected than the other BAs in the Group, in line with the performance trend of the textiles sector nationwide.
The year 2021 got off to a positive start: in the first quarter, sales revenue and gross operating margin went up in almost all business sectors, despite the large increase in the cost of raw materials observed in the same time period.
“FY2020 was certainly a challenging year in many respects,” Angelo Radici, president of RadiciGroup, stated. “Nevertheless, we managed to limit the negative effect of the pandemic and obtain satisfactory results, which confirm our competitiveness in the market. The new year began with a challenge: to fully seize the opportunities presented by the recovery of business activities. Although the global scenario is still uncertain, we are confident that, by leveraging the Group’s reputation as a solid and efficient company and focusing on higher value-added products, enhanced production flexibility and investments in research and development, we will be able to continue to offer our customers high-performance solutions through our collaborative effort on increasingly innovative and sustainable projects.”
