MILAN, May 15 (Class Editori) - In the first quarter of 2020, Giglio Group achieved consolidated revenues amounting at €14.2 million, on the increase by 23.3% in comparison with the first quarter of the previous financial year. This record performance has been recorded thanks to the e-commerce business, since when the group has started to address to this sector, which now represents its sole activity.
“Despite COVID-19, Giglio Group, thanks to its flexibility, has immediately changed strategy, by temporary replacing the Chinese market – which were completely closed – with other markets and implementing a range of compensatory mechanisms which have allowed to keep the company active and maintain the turnover”, Alessandro Giglio, founder and CEO of the group, has explained.
“Luckily, we can already have an overview of the second quarter and we are watching how Asian markets are already recovering, together with the volumes, giving rise to a return to our usual marginality”, as the businessman has stated.
The group has recently widened its activity in the health sector with the signature of a framework agreement of indefinite duration with Sinopharm, pharmaceutical giant listed on the Hong Kong Stock Exchange and established from the joint venture between China National Pharmaceutical Group and the behemoth Fosun.
It is a strategic partnership, which allows to collaborate on the imports of personal protective equipment, such as surgical masks, FFP2 and FFP3, hand sanitizers, gloves, protective glasses and coveralls and the distribution of the innovative kids addressed to the COVID-19 antibodies detection.
In detail, the gross merchandise value (GMV) has amounted at €28.6 million (+10%). The adjusted EBITDA has reached 0.6 million (+34.8%) with an impact on the turnover equal to 4.6%. The adjusted EBIT is positive at €0.2 million for the absence of special expenses. The adjusted net financial position has amounted at 17.4 million, on the increase if compared to December 31, 2019 due to the higher working capital issued to support business activities.
Afterwards, the company has received notice of Yue Zhao’s resignation from his non-executive Director position “due to new professional needs” and has therefore co-opted Francesco Gesualdi as new independent Director; Gesualdi was born in 1957 in Rome and he currently is AIL General Director, the Italian association against leukaemia, whilst he has been General Director of Cinecittà Holding from 1999 to 2003 and General Secretary of Lazio Region from 2005 to 2010.
(Source: Class Editori)
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