Cover 50, revenues up 24% and Ebitda nearly doubled in 2022

(Alliance News) - Cover 50 Spa reported Wednesday that its 2022 revenues and Ebitda rose by double-digit percentages from the previous year's figures.

Revenues rose 24 percent to EUR30.1 million from EUR24.3 million in 2021. The men's line still accounts for the vast majority of sales: PT Torino about 58 percent of revenues, PT Torino Denim about 26 percent while the women's line about 9 percent of total revenues. Sales of the "total look," accounting for about 7 percent of revenues, also contributed to the excellent performance for the period.

The U.S. subsidiary PT USA Corp had revenues of about USD3.9 million, an increase of more than 5 percent over FY2021.

Ebitda increased to EUR6.6 million from EUR3.8 million in the previous year, with a margin of 21.8 percent compared to 15.4 percent a year earlier.

Net financial position is positive EUR21.8 million from EUR19.2 million in the previous year.

Cover 50's stock is unchanged at EUR12.80 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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