Paris, France: French temperature-controlled giant Stef, which saw turnover drop by 7.2% in the fourth quarter of 2020, has once again blamed the ongoing Covid-19 crisis for the fall.
Turnover fell from €888m in the fourth quarter of 2019 to €824m in 2020.
Stef said that the Covid-19 crisis had a significant impact on annual revenue, which fell by 8.6%, despite an upturn in business in the third quarter and in December. Turnover stood at €3.145bn for the whole of 2020.
However, a note of optimism was sounded on the international front. During the period, the group finalised the acquisition of Nagel-group’s activities in Italy, Belgium and the Netherlands, thereby shoring up its position in Western Europe. It also entered into a reciprocal distribution agreement that enables it to offer its customers better coverage and services to Germany, Eastern and Northern Europe.
However, Stef said that the finalisation of Brexit on January 1, and in particular the introduction of new customs restrictions, has “necessitated the overhaul of our organisation for our trade with the United Kingdom in order to guarantee the delivery of goods under the best conditions”.
Stanislas Lemor, chairman and chief executive of Stef, said:” In an economic environment still shaken by the health crisis, the group continues to stand firm even though its sales declined in most countries where it operates and in its main activities in the fourth quarter.
Despite the continuing uncertainties about the future of the pandemic, the group remains confident in its diversified business model. During the period, it has continued to invest, strengthening its positions in Western Europe through a major external growth operation and accelerating its digital transformation throughout Europe.”
