The positive sign for the 1st quarter of 2021 and a new CEO, Antonio Achille. There is renewed faith and cautious trust for Natuzzi, which is reopening the Altamura plant and calling back 40 employees that were previously laid off.
Quarterly results
The darkness of 2020 appears to be almost all behind. Natuzzi’s consolidated revenue during the 1st quarter of 2021 were of 101.5 million euro (+23.5 on yearly base). The Natuzzi brand generated 86 million euro in revenue by itself (+31.9%). The company, from its HQ in Santeramo in Colle, compares the result with Q1 of 2019: the increment is of +10.9%. With regards to geographies, China increased its purchases by 92%, North America by 24.9%, while Central and South America and the Asia-Pacific area recorded a 10.9% increment. “Other markets” was +56%, while Europe only +5.9%. the cause behind these results is the different impact (along with the current commercial recovery) of the 2nd Covid19 wave.
Orders
Global orders also turned positive during the first 3 months of 2021 (+16% compared to the first quarter of 2020), thanks to the reopening of the retail segment in Europe. Orders from North America increased by a staggering +138.7% on yearly base. China’s increase was of +43% compared to 2020 and +29.8% compared to 2019. Gross margins for Natuzzi’s Q1 were up by 36.2% compared to the 34.2% of 2020’s Q1. Results came thanks to increased production efficiency, which compensated the augmented prices of raw materials. The latter has also impacted the upholstery segment for more than 6 months now. The group managed to close the quarter with 3.3 million euro in profits.
New CEO
Meanwhile, the group will have a new CEO starting in June 2021: “I believe that the contribution of Antonio Achille will be a determining factor to reach our growth objectives and support Natuzzi’s transition toward a more efficient operative model – states Pasquale Natuzzi, founder of the company and future executive president -. Antonio was chosen for his experience in organizational transformation, strategic vision and for his result-oriented approach, beside from the fact that he shares the core values of Natuzzi. He knows our organization and markets very well, having recently supported us as an advisor”.
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