(Alliance News) - Azimut Holding Spa reported Thursday that it closed 2023 with an adjusted net income of EUR454 million from EUR402 million in 2022 and up 13 percent.

The board of directors resolved to distribute a dividend of EUR1.40 per share from one for EUR1.30 in 2022.

Total revenues stood at EUR1.31 billion from EUR1.29 billion as of December 31, 2022.

Ebit was EUR587.4 million from EUR551.4 million in 2022.

Consolidated Net Financial Position at the end of December was positive by about EUR392 million.

This compares with EUR293 million at the end of December 2022, taking into account the payment of the cash dividend of EUR1.30 per share and the dividend related to equity financial instruments totaling EUR234 million.

In addition, in 2023 the group and its divisions recorded 114 new entrants of financial advisors and private bankers in Italy, bringing the Azimut group's total at the end of December to 1,837.

On the inflows side, Azimut reported net inflows in 2023 of EUR6.9 billion, of which EUR3.2 billion was raised in asset management products.

As of December 31, total assets reached EUR90.8 billion from EUR78.9 billion in 2022, marking a 15 percent increase over 2022 and with the international business accounting for 47 percent.

In February, Azimut reported positive net inflows of EUR446 million, about half of which came from asset management products with a strong contribution from various private markets product closings and club deals.

Total assets including assets under administration stood at EUR93.7 billion at the end of February, of which EUR62.5 billion refer to assets under management.

Looking to the future, "based on the solid operating results achieved and the determination to pursue its strategy of sustainable growth and value creation for shareholders, the group confirms its targets for 2024, estimating, under normal market conditions, a net income of EUR500 million, total net inflows above EUR7 billion also thanks to partnerships, 15 percent of assets under management in private markets, as well as a net foreign operating income of EUR150 million on an annual basis," as the company explained in a note.

Pietro Giuliani, group chairman, commented, "We have exceeded the 2023 net income target and are on track to exceed the 2024 target of EUR500 million as well; I thank all my colleagues operating in Italy and in the 17 foreign countries where we are present for this. In the year in which we repay the EUR500 million of the last maturing bond, we propose to the Shareholders' Meeting to pay a gross dividend of EUR1.40 of which EUR0.40 in shares, calculating the number based on yesterday's closing price."

"Since it is our intention without changing the group's strategy in the slightest, to bring out the value of Azimut Holding's share through one or more special operations, we are convinced that the share portion of the dividend, if maintained over time by our shareholders, will express a value higher than the EUR0.40 per share visible today."

Azimut Holding trades in the red by 4.8 percent at EUR26.00 per share.

By Claudia Cavaliere, Alliance News reporter

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