AKKA FY 2020 RESULTS(1): PROFITABILITY(2) RESTORED IN H2 2020 IN ALL UNITS STRONG CASH FLOW GENERATION IN FY2020
OPERATING
Full-year revenue of €1.5 billion, down 16.5% vs 2019
Operating profit down to (170.5) M, due to the consequences of the COVID situation and its related costs
FY operating profit (adjusted)
FY2020
Financial structure strengthened following the completion of the reserved capital increase
Mauro Ricci, Chairman and CEO of AKKA, commented:
2020 was an unprecedented year, in which we carried out immediate actions to protect our employees and partners while continuing to serve our customers effectively. Throughout 2020, AKKA worked hard to accelerate its transformation while strengthening its fundamentals to be better positioned than ever and emerge from the crisis with its agility restored.
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The financial year to 30 November 2020 has been a period of significant challenge and uncertainty, following the emergence of the COVID-19 pandemic and the subsequent imposition of protective measures and restrictions that have had a wide reaching impact on the economy and our society. This public health crisis has touched the lives of many people and our thoughts are with everyone who has been affected.
Notwithstanding the disruption caused by the pandemic, your Board is pleased to announce a slight uplift in NAV total return at the year end to 79.83p per share. Under the circumstances, the Directors consider that this is a creditable performance, which reflects the strength and diversity of the underlying portfolio and the ability of most investee companies to adjust to the current market conditions. Notably, the AIM quoted portfolio performed strongly during the year, with the majority of holdings reporting positive trading updates and share price appreciation. In terms o