SITI B&T Group posts better than expected 2020 results
Consolidated revenue of 142 million euros (down 18.8% on the 175 million euros of 2019); EBITDA of 11 million euros. The net financial position improved thanks to good cash generation.
Siti B&T Group, a company listed on the AIM Italia market, posted a smaller than expected decline in consolidated sales revenue and margins in 2020. CEO Fabio Tarozzi (in the photo to the left) believes this was due to the resilience shown by the group member companies (Siti B&T, Ancora, Projecta Engineering, Digital Design and Diatex), “which enabled them to overcome the acute phase of the crisis while continuing to offer the market the same service and attention as ever, even during the most difficult moments of the pandemic”.
The recovery in orders in the second half of the year only partially offset the effects of the shutdown in previous months, resulting in an 18.8% fall in revenue to 142.3 million euros compared to the 175 million euros of 2019. However, the Group’s direct presence in world markets thanks to its network of service subsidiaries has enabled it to maintain its market share and increase its Customer Service revenue to 65.8 million euros (+8.7%).
The other main indicators also fell: consolidated EBITDA dropped from 18.7 million to 11 million euros, EBIT fell into negative territory at -0.4 million euros (compared to +8.5 million euros in 2019) and the consolidated net result saw a 2.5 million euro loss (compared to a 3.1 million euro profit in 2019). By contrast, the Group saw an improvement in net financial debt, which fell to 54.8 million euros (compared to 59.1 million euros in 2019) thanks to cash generation of 4.3 million euros following investments of 14.7 million euros.
In spite of the pandemic which forced the facility’s personnel to work from home or in difficult operating conditions for several months, the Group continued its R&D programmes with determination, making a total investment of over 5 million euros (3.5% of turnover) with an R&D staff of more than 60 people. The Group aims to develop technological innovations that will stimulate market demand and boost the recovery in 2021.