La Doria - Another strong set of results

During Q2, La Doria continued to benefit from the shift in consumption caused by the COVID-19 pandemic, with more food consumed at home and only a slow and partial return to the horeca channel, to which La Doria has little exposure. As in Q1, revenue growth was entirely volume-led, which benefited margins. We expect the trend to persist until at least the end of the year, as consumers continue to favour eating at home while the pandemic is ongoing. We see upside to our forecasts, as La Doria benefits from the prolonged shift in consumption.