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Fope grits his teeth and expects a better future. The 2020 accounts of the goldsmith company listed on the Aim list of the Italian Stock Exchange are inevitably affected by the covid effect. But it could have been worse. According to the preliminary consolidated results as at 31 December 2020, the revenues of the Veneto group fell to 26 million euros compared to 35 million in 2019, but the positive news for shareholders is that the year did not end in red, but still in profit, even if it fell to 1.65 million compared to 4.85 million in 2019. In line with these results are the Ebitda and Ebit (essentially gross margins) which amounted to 3.95 million respectively and 2.34 million.
We are satisfied with the closing revenue figure, which exceeds expectations; the decrease of 25.7% compared to 2019, and in particular of 11% if we compare the data relating only to countries with a significant tourist impact, is a result that comforts us with respect to the importance that the Fope brand has for our dealers and as a first choice for our customers. The careful management of costs in the lockdown phases and the sales, made with the margins prior to the health emergency, made it possible to maintain an adequate level of profit and the distribution of dividends during the month of December 2020. Financial management, which has not undergone significant impacts following the lock down periods, has made it possible to proceed with the planned investments. Also in light of the 2020 results achieved in a difficult situation, we look to 2021 with optimism and believe in the ability to achieve positive results, despite the contingent period of health emergency does not allow to resolve all the uncertainties regarding the response of the markets. However, the feedback received so far from our best dealers is positive, and in line with our expectations.
Diego Nardin, CEO of Fope
