Results for 2022 leave RadiciGroup ‘moderately pleased’
Polymer producer RadiciGroup has reported its results for 2022, with revenues of just over €1.5 billion, an increase of 2.3% year on year. The increase in pre-tax profit was bigger, almost doubling to reach €157 million for the year.
Company president, Angelo Radici, said the group was “moderately pleased” with the figures. He said 2022 had been an unpredictable and challenging year. Strong demand in the first quarter for RadiciGroup’s products compensated for increased energy costs, but the war in Ukraine led to what he called “a significant slowdown” in the European market from the second quarter on.
“The situation was completely out of hand and made worse by the fact that some raw materials were not available,” Mr Radici commented. This led to the group halting operations at its factory in Novara, west of Milan, towards the end of the year. It said products from China and the US, similar to ones the group offers, were available in the nylon supply chain at prices below the costs the RadiciGroup was having to pay.
Mr Radici said the group was able to regain its footing at the start of 2023, although the global economic and industrial scenario for the rest of the year remains “highly uncertain, and forecasts are notably cautious”.
