- Economic Sales grew by 5.8%
- Confirms the good activity performance already observed in the first quarter, now with an increase of 30% in Operating Profit and 23.1% in Adjusted Operating Profit
Logista, the leading distributor in Southern Europe, reported today its financial results for the first semester of fiscal year 2021. The results show the growth consolidation experienced in the first quarter, which already demonstrated the Group's activity despite the pandemic.
Economic Sales grew by 5.8% due to the improvements recorded in all markets. This increase is the result of the good performance of the pharma, courier, and long-distance transport businesses, as well as the increase in tobacco distribution and convenience products in Italy and France, that have offset the lower performance of the rest of the businesses.
Adjusted Operating Profit (Adjusted EBIT) increased by 23.1% compared to the same period of the previous year, reaching €138m. The Adjusted Operating Profit margin on Economic Sales was 23% compared to 19.8% in the same period of the previous year, thanks to the good activity performance and the operating costs containment.
Operating Profit (EBIT) increased by 30% to €110m.
Finally, Net Profit recorded an increase of 33.2% to €88m. In addition to the overall business improvement, Financial Results were higher than those obtained in the same period of last year, which have reached €11m (compared to €6m in 2020), mainly due to the interest generated by the excess payments on account of corporate income tax in Spain during 2017 and 2018, in accordance with a resolution by the Constitutional Court. The effective tax rate was 27.4%, broadly in line with the 27.3% of the previous year.
COVID-19 is not estimated to have had a significant impact on the first semester of the year's results in any of the markets.