Trading Update for Bella Dispensa
27/03/2023 07:00
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RNS Number : 2857U Zamaz PLC 27 March 2023
27 March 2023
Zamaz plc
("Zamaz" or "the Company")
Bella Dispensa reports over 30-fold calendar 2022 revenue growth
through successful acquisition strategy
Zamaz plc (LSE: ZAMZ), the international e-commerce and multi-channel luxury
food and sustainable cleaning products brand aggregator, is pleased to
announce the following trading update for its wholly owned luxury food
subsidiary, Bella Dispensa Srl ("Bella Dispensa").
Zamaz has instigated an aggressive three year buy and build growth plan (the
"Growth Plan") targeted on building its e-commerce and multi-channel
distribution capabilities and owned brand portfolio. It anticipates that
this plan will deliver significant profitable growth and value creation for
shareholders.
Its wholly owned subsidiary, Bella Dispensa, has made three brand company
acquisitions in the six months since Zamaz' IPO. each of which has had a
strongly positive impact on financial performance. The acquisitions are:
Dallate Italia Srl ("Dallate"), a manufacturer and distributor of luxury ice
creams and other premium dairy products, announced on 13 February 2023;
Eccellenze Srl ("Eccellenze") - a 72 % stake in luxury foods offline retailer
announced on 10 October 2022, and Ecocarne Srl ("Ecocarne"), a premium fresh
meat retailer, announced on 26 September 2022. Following these acquisitions,
the Company's brand portfolio has grown significantly, as have group sales.
Furthermore, the acquisitions of these brand companies are generating new
finance partnerships and additional opportunities within distribution channels
and product development which are expected to diversify the Company's funding
sources, grow its multi-channel distribution network and widen its customer
base.
Bella Dispensa files statutory accounts in Italy, and for its financial
calendar year ended 31 December 2022, which includes the merged results of
both Ecocarne and Eccellenze for that year, it has recorded a turnover
(unaudited) in excess of €5.0 million (£3.91 million), an increase over the
previous year of more than €4.86 million, representing an uplift of over
3,300%. Net operating margins reported for the period also improved by almost
€0.6 million, moving from a start-up loss position to a positive €0.3
million (£0.24 million).
The acquisition of Dallatte was completed in 2023, therefore its trading
performance does not feature in Bella Dispensa's 2022 statutory results.
However, on a pro-forma basis, it would have added a further €1 million
(£0.9 million) in turnover and €0.1 million (£0.09 million) in net
operating margin.
Bella Dispensa's like-for-like sales are expected to increase as the Company's
growing online and offline multi-channel distribution network onboards the
acquired brands. Operating costs are expected to fall proportionately, as
integration of the businesses delivers savings. This, as well as the
introduction of additional e-commerce channels to some of the acquired
products which have to date only been sold offline, is expected to deliver
further improvements in profit margin.
It should be noted that these results for Bella Dispensa to 31 December 2022
are related to, but are not the same as the results included in the
consolidated financial statements of Zamaz, whose financial year-end is 31
August. The Board is, however, considering changing Zamaz' reporting date to
31 December in order to better align the business going forward. These
subsidiary results are being announced as they will shortly be in the public
domain in Italy and are price-sensitive. They do, nevertheless, underline the
rapid expansion the Company has enjoyed through its acquisition strategies.
and the Company continues to seek to acquire successful brand businesses,
brand aggregators and retail technologies to deliver on its Growth Plan.
Zamaz will release its consolidated Half Year results for the six month
period ended 28 February 2023 in due course.
Martin Groak, Chairman of Zamaz commented:
"The Board is very pleased with the speed at which the Growth Plan is being
successfully implemented, resulting in the Company being ahead of schedule
in terms of its performance and market position. The team continues to
source and negotiate acquisition opportunities which are in line with the
Company's strategy and which will drive revenue and profitability. "
This trading update is based upon unaudited management accounts and has been
prepared solely to provide additional information on trading to the
shareholders of Zamaz plc, given its significant growth in revenues post
acquisitions. All figures are provisional and subject to further review.
This announcement contains inside information for the purposes of the UK
Market Abuse Regulation and the Directors of the Company are responsible for
the release of this announcement.
Zamaz plc
Martin Groak, Chairman info@zamaz.tech
c/o Walbrook PR Limited
Walbrook PR Limited +44 20 7933 8780 or +44 07768 807631
Paul Vann/Nick Rome/Joe Walker zamaz@walbrookpr.com
About Zamaz plc:
Zamaz plc is a technology driven e-commerce business that originates, acquires
or licenses, operates and scales small and medium-sized brands with
category-winning products on global marketplaces. With ever prolific customer
data sources, the advent of turnkey e-commerce website platforms, such as
Shopify, and a thriving ecosystem of third-party software integrators, the
options available to launch and build brands that can be marketed, sold, and
shipped online quickly and globally with limited risk have never been more
compelling. Such marketplaces, led by Amazon and eBay, also provide connection
to millions of consumers, and have become a first-choice route-to-market for a
generation of micro and small and medium-sized enterprise businesses.
Zamaz mines and analyses data from such online retail technology platforms
which provide significant insights into consumer shopping behaviour and trends
and enable the business to deploy, market and sell an optimised portfolio of
brands, products, packs and prices aligned with active, real-time consumer
needs and demands principally on UK and EU Amazon marketplaces.
About Bella Dispensa:
Bella Dispensa, a wholly-owned subsidiary of Zamaz, is an Italian-based online
retailer of gourmet Italian food products which operates in one of the fastest
growing online sectors, grocery shopping. The extensive relationships that
Bella Dispensa enjoys with its niche food suppliers makes it a strong addition
to the Zamaz Brand Portfolio and will give Zamaz the opportunity to showcase
and sell Bella Dispensa sourced products on its online platform.
Bella Dispensa has already made three acquisitions since Zamaz listed on the
Main Market of the London Stock Exchange; the first two in H2 2022: Ecocarni,
a purveyor of premium quality meats and associated products sourced from Italy
and Argentina to both wholesale and retail customers, from its flagship store
in Milan and Eccellenze S.r.l. which has a retail store located on Milan's
prestigious Corso Venezia, one of the city's most exclusive and elegant
avenues, being part of the upscale Quadrilatero della moda shopping
district. Recently established in Q4 2021, Eccellenze has grown rapidly, and
now offers over 1,000 premium quality food products in-store, including
cheese, pasta, wine and oil. Its highly experienced management team has also
developed a unique eno-gastronomic "lifestyle shopping experience" for its
growing, highly discerning client base.
Most recently, Bella Dispensa has acquired Dallate Italia srl. Dallatte,
based in Piedmont, Italy, is a manufacturer and distributor of premium dairy
products using natural ingredients including ice cream and pastries, milk,
butter and cooking cream, fresh and dry pastries and frozen filled pasta. The
Dallatte brand is synonymous with "Italian Food Excellence" and has
distribution outlets across Europe.
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