Italy Textile Group Ratti Hit A Record High Last Year

Italy Textile Group Ratti set a new sales record in fiscal year 2019, but due to the impact of the new crown, the number of orders in 2020 dropped by 20%.

In the 2019 fiscal year ending December 31st, the key financial data of Ratti are as follows:

Sales amounted to 116 million 300 thousand euros, an increase of 6.1% over the same period last year.

EBITDA (profit before interest tax depreciation amortization) was 20 million 200 thousand euros, an increase of 23.2% over the same period last year.

Net profit of 12 million 900 thousand euros, an increase of 23.3% over the same period last year.

In the fiscal year, Ratti was strong in Europe and Japan, and sales increased by 22.1% and 37.8% respectively, but sales in the US market dropped by 21.1% due to the low tie business.

The board of directors of Ratti has proposed a pre tax dividend of 0.22 euros per share.

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Despite outstanding performance in the 2019 fiscal year, the number of orders has been down by 20% since 2020 due to the impact of the new crown, and it is not expected to give a performance forecast for 2020.

"The development of 2020 will depend on the stability of the health, social and economic situation of countries that are most affected by the new crown, and create conditions for gradual recovery," Ratti said in an official statement.

To reduce the risk of infection, the number of employees in Ratti's production department in Guanzate (Como) has been reduced to 100, and 450 employees will have home office and vacation.

Ratti group said that it is well funded and will not change its medium-term strategic objectives, and will continue to invest in equipment and technology to support its growth and achieve sustainable social and environmental development.

The company also announced a donation of 250 thousand euros to purchase medical devices and tools needed to deal with the urgent epidemic.

Founded in 1945, Ratti is headquartered in Como, Como, northern Italy. It is one of the world's leading suppliers of printing, plain, yarn dyed and jacquard fabrics, especially in the design and production of silk fabrics. It also has strong advantages in natural fibers, synthetic fibers and hi-tech fiber fabrics, and is the largest silk manufacturer in Italy. The fabrics produced by the company are widely used in garments, neckties, shirts, swimsuits, underwear and decoration fields. Customers include Furla and other famous brands.