(Alliance News) - Valsoia Spa reported Monday that first-quarter revenues increased 9.5 percent year-on-year to EUR24.5 million from EUR22.4 million in the same period last year.

In a general context, characterized by volume contraction in the entire Italian FMCG Markets, down 4.8 percent year-on-year in March according to NielsenIQ data, and high inflation still at end-2022 levels, the company's brands remain committed to improving their distribution coverage and point-of-sale visibility, recording a positive substantial hold in the quarter in both consumer and retailer volumes.

Also positive was the start of distribution of the Häagen-Dazs brand together with the good continuation in the distribution of Margarina Vallè and Oreo O's brand cereals.

Net financial position as of March 31, 2023 was positive by EUR22.6 million. Net of the effect of applying IFRS 16, NFP is EUR24.9 million.

Valsoia chairman Lorenzo Sassoli de Bianchi commented, "In this first quarter, we improved revenues in both of our divisions -- health food and traditional food -- in a complicated framework due to both the contraction of consumption in food markets and the still high and rising procurement costs of raw materials, packaging and services. In many of the main segments in which we operate, our market shares improved in the six months ending in March, while our development also continued through innovation."

"In these first months we have presented to the markets, Italian and international, interesting novelties in the health care area and traditional food with further projects to be announced in the coming months of 2023. We have continued the significant investment plan in advertising communication, supporting our proprietary brands, which in fact will cover almost the entire year. We successfully launched the distribution of the Häagen-Dazs brand and continued the excellent work with Vallè Margarine. Growth, in value and volume, in sales of our major proprietary brands is confirmed."

"Foreign sales continue to give us satisfaction, also as a result of the direct presence in some markets, stimulating us more and more to speed up the internationalization process of our company. Controlling the Company's purchasing costs and margins will remain the priority throughout this 2023."

Valsoia's stock is up 4.1 percent at EUR9.66 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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