RadiciGroup, the leading producer of chemicals, engineering polymers, synthetic fibres and nonwovens headquartered in Bergamo, Italy, closed its 2020 financial year with consolidated sales revenue of €1,019 million. This was down –6.7% on 2019 turnover but in the same period, net income increased by 8.1% to €87 million.

Throughout the year, the company, which has 3,000 employees in 15 countries, was inevitably impacted by the pandemic and the restrictive measures adopted to contain its spread. The group however, continued its strategy of focusing on its strategic and synergistic core businesses, such as chemicals for nylon production, engineering polymers and advanced textile solutions.

Generally speaking, group performance in 2020 reflected the trend of the pandemic – a drastic drop in demand during the first half of the year after lockdowns were imposed, followed by a good recovery from September to November, which was somewhat slowed down in December by an upsurge in the contagion rate.

The Advanced Textile Solutions business area was more affected than the others in the group, in line with the performance trend of the Italy’s textiles sector generally.

RadiciGroup reports that 2021 got off to a positive start, with sales revenue and gross operating margin up in almost all business sectors, despite the large increase in the cost of raw materials in the same time period.

“The year 2020 was certainly challenging in many respects,” said president Angelo Radici. “Nevertheless, we managed to limit the negative effect of the pandemic and obtain satisfactory results, which confirms our competitiveness in the market. The new year began with a challenge – to fully seize the opportunities presented by the recovery of business activities. Although the global scenario is still uncertain, we are confident that, by leveraging our reputation as a solid and efficient company and focusing on higher value-added products, enhanced production flexibility and investments in research and development, we will be able to continue to offer our customers high-performance solutions through our collaborative efforts on increasingly innovative and sustainable projects.”

www.radicigroup.com