(Alliance News) - Iervolino and Lady Bacardi Entertainment Spa reported Monday that it ended 2023 with revenues in the EUR167-173 million range compared to EUR161.0 million in 2022.

Ebit is expected at EUR10-14 million compared to EUR20.8 million while operating profit after nonrecurring charges is given between EUR9 million and EUR13 million from EUR9.8 million in the previous year.

Net financial position shows debt of EUR39 million compared to EUR23.1 million as of December 31, 2022.

"The 2023 guidance has been exceeded both in terms of revenues and margins; net debt is improving on market estimates, as are all metrics," the company said.

Andrea Iervolino, president and founder of ILBE, said, "In the last 24 months, we have decided to continue to make very important investments, to support our productions and to grow the company's brand awareness. We have demonstrated this with successful film works such as "Tell it Like a Woman," "Lamborghini - the man behind the legend," and "Ferrari." Certainly, these films give us access to high quality talent and an important positioning in the industry that is already allowing us-among other things-a recovery in marginality."

"The economic return is not always immediate, but I am calm in saying that both the marginality and the financial situation have always remained almost in line, if not higher, than those of the industry."

ILBE's stock closed Monday down 3.0 percent at EUR0.59 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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