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NEWS

CORREA RECORDS PROFITS OF 7 MILLION IN 2021

10 March, 2022

Grupo Nicolás Correa, a leading international player in milling solutions, has recorded revenue of 76.5 million euros in 2021. This revenue figure marks a significant milestone for the Burgos-based group, representing growth of 15% on 2020 (66.5 million euros) and 3.5% on 2019 (74 million euros), thus recovering pre-pandemic turnover levels.

Despite the climate of constant and widespread increases in supply costs, raw materials and transport, the Correa Group has managed to maintain its profitability levels during the year. In this regard, the Group's EBITDA has increased by 11% to reach 9 million euros. Moreover, the EBITDA margin on revenue ratio has remained steady at 12%, which is above the machine-tool sector average.

This same line of growth has been seen in the company's pre-tax profits, which have amounted to 7 million euros, 8% more than what was recorded in 2020 (6.5 million euros). In percentage terms, return on revenue is 9.2%, which places the Correa Group in a benchmark position in the large milling machine manufacturing sector.

“The strict cost control and efficiency strategy, our staff's commitment and the trust of our clients and the market overall have enabled the Nicolás Correa Group to have one of the best years in our history. Increased demand thanks to resuming investment in countries in which we have a significant presence has enabled us to reach the levels we were forecasting at the end of 2020”, highlights Carmen Pinto, CEO of Grupo Nicolás Correa.

The Correa Group's financial soundness has enabled it to fulfil its commitment to remunerating shareholders in 2021. The proposal of the Board of Directors, pending approval by the General Shareholders’ Meeting, is to pay shareholders a dividend of 0.20 euros per share in 2022 against 2021 profits, which is almost 18% more than in the two prior years.

The figure for orders secured, including intra-group transactions, has reached 134 million euros, which is double the figure recorded in 2020 (64.8 million euros) and is the best sales figure for the Group in the last decade. These order numbers have meant the year closes with an order portfolio of 82.6 million euros, which is 193% up on last year, when the closing figure was 28.2 million euros. This means that the Correa Group is kicking off 2022 with production practically committed to in full.

These results mark a great success for the company, which has managed to increase its activity and profitability despite widespread global increases in operating costs and this is thanks to a strict strategy focused on profitability and a policy grounded in management and cost control in all production processes. This is what has enabled the 2021 forecasts to be achieved. All this is strengthened by significant exporting activity by the company, representing 94% of its turnover volume overall.

In geographical terms, China has maintained the growth levels it started the post-pandemic recovery with back in 2020 and has consolidated itself as one of the Group’s main markets. Having a consolidated structure within the country itself has been key, since there are still significant mobility restrictions in place due to the pandemic. In the closing year, Nicolás Correa has reinforced its position in Asia, becoming a benchmark supplier of imported milling machines, especially large-scale machines aimed at the aeronautics and wind power sector, despite competition from Chinese and European manufacturers.

    10/03/2022News

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