(Alliance News) - Comer Industries Spa reported Wednesday that it achieved revenues at EUR952.2 million up from EUR938.1 million in the first nine months of 2022.

Ebitda amounted to EUR158.9 million up from EUR133.2 million in the first nine months of 2022.

Ebitda margin was 16.7 percent of revenues and improved by 250 basis points, "confirming the upward trend in operating profitability," the company specified in a note.

Net financial debt was EUR119.3 million, down from EUR148.9 million as of Dec. 31, 2022, despite the EUR54.0 million M&A deal and the dividend distribution of EUR21.5 million.

As for the future, in the absence of deteriorating factors in the macroeconomic scenario compared to the current one, the group expects revenues for 2023 to be substantially in line with 2022 and estimates an increase in profitability compared to 2022 and in line with what was recorded in the first nine months of the year.

Matteo Storchi, President & CEO of Comer Industries, commented, "Despite the fact that the global macroeconomic scenario is more complex every quarter, the Comer Industries Group's correct internationalization strategy allows it to counterbalance temporary slowdowns in some markets by seizing the favor of the more responsive ones. The continuous integration process has allowed us to achieve margins that we will have to consolidate in the years to come. In addition, we will continue the investment plan in the areas of electric mobility and Esg issues."

Comer Industries' stock is in the red by 2.3 percent at EUR25.90 per share.

By Chiara Bruschi, Alliance News reporter

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