(Alliance News) - The board of directors of B&C Speakers Spa on Tuesday approved the draft financial statements for fiscal year 2022 and reported a total profit of EUR12.3 million up 139 percent from EUR5.1 million in 2021.

Consolidated revenues of EUR82.1 million, up 82 percent from EUR45.2 million in 2021, represent a "never-before achieved value in the decades-long history of B&C Speakers," the company specified in a note.

This level of turnover was made possible by significant volume growth, up 45 percent from 2021, and also by an improved sales mix and the effect of price increases, which became necessary to try to balance increased raw material costs.

All geographies confirm growth compared to 2021, with the European and American markets showing growth in excess of EUR10 million compared to 2021 business volume.

Consolidated Ebitda for 2022 is EUR20.3 million up 135 percent from EUR8.6 million in 2021, a figure never achieved in the company's history, the company points out. Ebitda margin relative to 2022 is almost 25 percent of revenues and sharply up from the 2021 figure when it was 19 percent of revenues.

Ebit is EUR18.1 million up from EUR6.5 million in 2021. Ebit margin is 22% of revenues from about 15% in 2021.

Group Net Financial Position is EUR9.4 million from EUR3.9 million recorded at the end of FY2021. This, the company explains, was affected by the absorption of working capital liquidity needed to finance the recovery, as well as the dividend distribution of EUR3.5 million in May 2022.

The board will propose to the shareholders' meeting the distribution of a dividend of EUR0.60 per outstanding share.

CEO Lorenzo Coppini commented, "The formidable results of the past year tell us clearly that the pandemic has not changed people's habits and that as soon as possible people returned to enjoy the live experience, which is confirmed to be a unique and extraordinary pleasure. And they also tell us about our ability to manage such a significant jump in demand, which still continues in these months and makes us look forward to the current year with optimism."

B&C Speakers trades in the green by 3.5 percent at EUR13.45 per share.

By Chiara Bruschi, Alliance News reporter

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