(Alliance News) - Take Off Spa reported Monday that it achieved EUR15.5 million in revenues in the first half of the year ending June 30, 2023, up nearly 20 percent from EUR12.9 million recorded as of June 30, 2022.

The parent company Take Off, the company explained in a note, posted revenues of EUR12.6 million up nearly 24 percent from the same period last year when revenues were EUR10.2 million.

The group's average selling price is EUR21.54, which compares with EUR16.20 in the first half of 2022.

"Due to a weather-related slowdown in demand and a repositioning of stores in better performing areas," the note says, "the marginality at the Ebitda level for the first half of 2023, which is expected to be between 15 percent and 17 percent, shows a decrease compared to that of the same period in 2022, when it was 25 percent.

This decrease according to management is not structural and at the end of the year is expected to be between 18 percent and 20 percent due to the reduction of inflationary pressure and the consequences of the repositioning strategy mentioned above.

Aldo Piccarreta, president and CEO of Take Off, commented on the results as follows, "The first-half result testifies to the company's stable growth process and is in line with our expectations. In a challenging market environment, we have increased revenues and average sales price across the group's two divisions."

Take Off's stock is up 3.5 percent to EUR2.40 per share.

By Chiara Bruschi, Alliance News reporter

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