Rapala VMC Corporation reports strong second half of year trading
The Rapala VMC Corporation produced a strong second half of the year performance which saw sales of €144.2m – up 7% on the previous year.
Despite a year blighted by the pandemic across the globe, the Finland-based tackle giant reported that for the year ended December 31st, 2020 comparable operating profit was up to €21.5m (2019: €17.8m) on net sales of €261.3m, down 5% on the previous year.
President and CEO, Nicolas Warchalowski told investors: “We achieved great results in a truly exceptional year and consequently comparable operating profit improved at the same time when we increased operating cash flow from €25.9m to €42.5m.
“In addition to these improved financial results we made great leaps in our strategy execution and finalised for the most part the restructuring programme initiated in October 2019. Key highlights were the ramp-down of the Asian lure manufacturing operations and establishing a new centralised distribution centre in Estonia, which enabled the continued decrease in our warehouse footprint on our way to a more centralised and simplified operating model.
“As importantly, the renewed organisational structure and fewer management layers will make us more growth orientated and increase drastically decision-making speed.”