- The company records 3% growth in Economic Sales
- Logista achieves a 6.3% increase in Adjusted Operating Profit
Logista, the leading distribution company in Southern Europe, today presented its results for the first half of the 2022 financial year. The figures show increases in the main captions of the income statement and a good performance of the activity, despite the complex geopolitical and macroeconomic scenario.
Economic Sales increased 3% year-on-year to EUR 597 million, driven by improvements in tobacco distribution, Transport and Pharmaceutical Distribution in Iberia, as well as in the distribution of convenience products in Iberia and Italy. Logista's business model and the measures adopted by the Group have enabled total operating expenses to grow 1.9%.
Adjusted Operating Profit (Adjusted EBIT) reached EUR 149 million, an increase of 6.3% year-on-year. The Adjusted EBIT margin over Economic Sales was 25% compared to 24.2% in the first half of FY2021, thanks to continued efficiency measures and despite inflationary pressures.
Operating Profit increased by 13.5% to EUR 128 million as the sale of two non-operating assets in Spain, which generated close to EUR 6 million of capital gains, higher book distribution results and lower restructuring costs than in the first half of last year, added to the strong Adjusted Operating Profit performance.
Together with the EUR 7.7 million financial results recorded in the period and a slightly higher effective corporate tax rate than last year, Net Profit from Continuing Operations amounted to EUR 99.5 million, an increase of 9.4%.
Finally, Net Profit increased 0.1% to EUR 88 million after the negative impact of the sale of Supergroup, a subsidiary in France classified as an asset held for sale at the end of 2021, which was divested on 2 February 2022.