(Alliance News) - Fiera Milano Spa reported Thursday that it made a net profit of EUR23.7 million in the first nine months of the year, an improvement from EUR900,000 recorded in the first nine months of 2022.

Revenues amounted to EUR177.8 million up 10% from EUR161.7 million in the same period of 2022.

Ebitda was EUR56.2 million an improvement of 13% from EUR49.9 million in the first nine months of 2022.

Ebit was EUR17.8 million up 27% from EUR14.1 million in the same period of 2022.

Net financial debt as of Sept. 30, not including IFRS 162 lease liability, showed a net financial availability of EUR61.5 million compared to a net financial availability of EUR29.8 million as of Dec. 31, 2022. The improvement reflects the cash flow generated by operating activities in the first nine months of the year, which includes working capital dynamics related to advances collected for events taking place in the following months.

In the third quarter, the company generated revenues of EUR45.6 million in line with revenues of EUR45.5 million in the third quarter of 2022. Ebitda amounted to EUR14.6 million from EUR10.3 million in the same period 2022.

The company says that although the expected macroeconomic scenario for the short term continues to present elements of uncertainty, "in light of the excellent results achieved in the first nine months of the year-which confirm a well-established post-pandemic recovery-the group believes it can improve on previous estimates by forecasting as of December 31, 2023, revenues in the range of EUR275-280 million in line with pre-pandemic levels in 2019, Ebitda in the range of EUR85-90 million compared to the previous forecast of EUR70-80 million, and net cash in the range of EUR55-60 million compared to the value recorded as of December 31, 2022 of EUR29.8 million."

The board of directors also resolved to start a share buyback program for a number of shares equal to 350,000 and a maximum amount of EUR1.1 million.

Fiera Milano shares are up 2.8 percent at EUR2.24 per share.

By Chiara Bruschi, Alliance News reporter

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