The Board of Directors of Marr, a leading company in Italy in the marketing and distribution of food and non-food products to the foodservice sector, has approved the interim management report as at 31 March 2024. The first quarter of 2024 closes with total consolidated revenues of 418, 1 million euros and in comparison with the 426.6 million of the same period of 2023 is also affected by the implementation of policies implemented starting from the first part of 2023 for the management of food inflation.

The company explains that "as a consequence of the aforementioned policies, aimed at recovering the first margin, operating profitability improves with the consolidated gross operating margin (Ebitda) of the first quarter of 2024 which is equal to 16.6 million euros (14.8 million in 2023) and Ebit of 7.5 million euros (6.2 million in 2023)".

At the end of the first three months of 2024, net profit, which was affected by higher net financial charges due to the dynamics of the cost of money, stood at 1.7 million euros (1.5 million in 2023). Commercial Net Working Capital as of 31 March 2024 amounted to 234.1 million euros and compares with 233.5 million as of 31 March 2023.

Net financial debt at 31 March 2024 was 260.7 million euros (270.6 million at the end of the first quarter of 2023), while net of the application of the accounting standard Ifrs 16 it was 181.5 million euros ( 192.3 million as of March 31, 2023). Consolidated Shareholders' Equity at 31 March 2024 amounted to 354.0 million euros (341.1 million at the end of the first quarter of 2023).

The sales of the Marr Group in the first three months of the financial year, which are historically low seasonality, amounted to 412.5 million euros and compare with the 420.0 million of the same period of 2023. In particular, sales to customers of the Street Market segment (Independent Commercial Catering) amount to 256.7 million euros (250.7 million in the first quarter of 2023); while those relating to National Account customers (Chains and Groups of Structured Commercial Catering and Collective Catering) are equal to 114.6 million euros and in comparison with the 121.6 million of 2023 are affected by the decline in those of the sub-segment of Collective Catering (66.1 million in the first quarter of 2024 compared to 76.9 million in 2023) as a result of the planned activities implemented starting from the first part of 2023 to manage food inflation.

According to the company, the market context remains positive thanks also to the contribution of foreign tourist flows. In the first three months of 2024 compared to the same period of 2023 according to the Confcommercio Research Office (Congiuntura n. 4, April 2024) quantity consumption of the item "Hotels, meals and out-of-home consumption" in Italy increased by 3.3 %, while for TradeLab (Afh Consumer Tracking, April 2024) the increase in the number of visits to "Away From Home" (Afh) catering facilities was 1% with growth in value of Afh consumption by 2%.

Sales to customers in the Wholesale segment (almost all of frozen fish products to wholesalers) in the first quarter of 2024 amounted to 41.2 million euros and in comparison with the 47.7 million in the same period of 2023 are influenced by the performance of some fishing campaigns compared to the previous year.

On 19 April 2024, the Shareholders' Meeting resolved the distribution of a gross dividend of 0.60 euros per share (0.38 the previous year) with "coupon detachment" (n.19) on 20 May 2024.

The operational activities of the Marr Lombardia branch began in mid-April, a new structure of 14 thousand square meters located in Bottanuco (Bergamo), which strengthens Marr's presence in Lombardy, the first Italian region in terms of value of food consumption outside home.

The trend in food consumption outside the home in the first four months of the year and therefore after the "spring long weekends" of 25 April and 1 May, with the latter penalized by unfavorable weather conditions (Confesercenti, April-May, 2024 ), provided positive indications in view of the summer tourist season.