(Alliance News) - Piquadro Spa reported Thursday that revenues for the first nine months rose to EUR131.5 million from EUR126.8 million in the same period a year earlier.

In detail, Piquadro's revenues rose to EUR58.5 million as of Dec. 31, 2023 from EUR53.2 million a year earlier, The Bridhe's revenues rose to EUR25.2 million from EUR23.1 million, and Lancel's revenues fell to EUR47.7 million from EUR50.5 million.

The Piquadro Group's Net Financial Position, for the period ended December 31, 2023, was negative and amounted to EUR25.4 million and improved by approximately EUR8.0 million from the December 2022 figure. The impact of the application of the new accounting standard IFRS 16 was approximately EUR40.4 million with a negative sign from approximately EUR48.0 million as of December 31, 2022.

The Piquadro Group's adjusted Net Financial Position was positive and amounted to approximately EUR15.0 million and compared with the positive NFP figure of EUR14.6 million recorded as of December 31, 2022. The annual rolling NFP dynamics were driven by investments in intangible, tangible and financial assets of approximately EUR3.1 million, payment of EUR5 million in dividends, purchase of treasury shares of approximately EUR1.1 million and generation of positive free cash flow of approximately EUR9.6 million including temporary effects of working capital utilization.

Marco Palmieri, president and chief executive officer of the Piquadro group, said, "Despite the deterioration of the geopolitical environment in the last quarter and the only partial recovery of China after Covid, the growth of the Piquadro group remains solid and the income dynamics make us estimate a very positive year in terms of Ebitda and net income. Cash generation was positive and allowed the payment of EUR5 million in dividends, investments of EUR3.1 million and the purchase of treasury shares for EUR1.1 million."

Piquadro's stock is down 2.4 percent at EUR2.07 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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