s-peek's magnifier: are toys still a profitable business?

Jeopardized by the growth of digital games and by the pandemic, is the toy industry still a profitable business?

2020 struck a heavy blow to every sector, especially those related to leisure and entertainment. The toy industry is not an exception. However, some toy manufacturers have experienced an increase in sales due to the longer time families were forced to spend at home.

We chose three long-established toys manufacturers and analyzed their business trends with s-peek.


“Play is a serious thing!” used to say Mario Clementoni, founder of Clementoni SpA. It was 1963 and Clementoni had just come back in his native Recanati from the New York Toy Fair, leaving his job and founding a toy-manufacturing business with his wife. They inaugurated their first workshop in a garage, where they produced their first board game, La Tombola della Canzone, inspired by the Italian famous Sanremo Song Festival. The company, now led by Clementoni’s children, still entertains kids and adults from all over the world.

Clementoni falls within those businesses that have benefited from the time families were forced to spend at home.

 In 2020 the enterprise registered a turnover increase, which reached €156,69 million.

The company shows a well-balanced financial management, as testified by the MORE Credit Rating. The new feature of automatic textual analysis within the Extended12M report explains the result: “The solvency – the comment says – appears balanced and under improvement compared to the previous year. […] The equity variation for 2021 is higher than expected. The index of the liabilities coverage, given by the ratio between assets and liabilities, appears very high and equals to 1.73.”


One of the most popular toys producer and symbol of Made in Italy, is Quercetti, founded by Alessandro Quercetti in 1950.

Starting from 1953 the company gained national and international recognition thanks to the invention of Chiodini, which launched Quercetti as a brand. The famous little plastic pins with a mushroom-shaped top have entertained millions of children worldwide by helping them develop their imagination and manual skills, and the tradition continues to this day.

After a year of strict restrictions, neither Quercetti succeeded to avoid a downfall. 

2020 registered a decrease of 15% in sales revenues which dropped from €8,16 million to €6,94 million.

The results provided by s-peek’s report Extended12M confirm that the upward trend registered in 2019 stopped in 2020, as revenues fell from €8,83 million to €7,55 million. On the other hand, the situation regarding indebtedness is under improvement, given that short-term liabilities have decreased from €2,7 million in 2019 to €2,3 million, thus allowing the Company to reduce its net financial debt. 

Androni Giocattoli

Let’s conclude with a toy industry established in 1967 as a plastic processing business, Androni Giocattoli. From 1974 the company specialized in the plastic toys production, and today it is one of the most successful stories of that kind. The firm offers a wide range of plastic bricks compatible with the most famous brands, along with beach toys.

Androni Giocattoli boasts an A rating class and shows a marked improvement trend persisting from 2018.

The business does not show financial liabilities, neither short- nor long-term, as highlighted by the automatic textual analysis within the Extended12M report, which reports that “the solvency is extremely high and in alignment with the previous year”

Sales have remained almost unchanged between 2019 and 2020 and just under €19 million. Looking at the balance sheet, a proof of good management comes from the net financial position (NFP), which shows the company's degree of indebtedness net of its liquid resources. The absence of financial debts, both long and short-term, makes the NFP value equivalent to the cash reserves, which have also increased by 48%.

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