(Alliance News) - Gentili Mosconi Spa reported on Friday that it ended 2023 with adjusted net income rising to EUR6.6 million from EUR6.0 million in 2022.

The figure does not include ancillary costs and charges related to the IPO, which amounted to EUR1.3 million.

Revenues dropped to EUR50.5 million from EUR53.1 million in the previous year. The revenue trend is impacted by the slowdown in the luxury market, which saw a normal settling in 2023 after years characterized by a double-digit growth trend, with many brands adopting a conservative policy in the transmission of orders, adjusted continuously to the state of demand and inventory disposal.

Following the organic growth in revenues recorded in the first half of 2023, the group managed to contain the decline in demand, registering a slowdown in order intake exclusively starting in the last quarter of the fiscal year, mainly attributable to the decline in sales of the apparel fabrics business line. The Accessories business lines recorded 11 percent growth over the previous fiscal year, supported by the group's cross-selling ability.

Adjusted Ebitda fell to EUR9.1 million from EUR9.4 million, with the margin, however, increasing to 18.0% from 17.7% in 2022, while adjusted operating income rose to EUR8.0 million from EUR8.1 million, with the margin of 16.0% from 15.3% a year earlier.

The board voted to pay a dividend of EUR0.12 per share, with dividend yield of 3.55%.

Net financial debt went from a negative balance of about EUR400,000 as of Dec. 31, 2022 to a positive balance of about EUR17.1 million, mainly due to the capital increase at the IPO amounting to EUR15 million.

Gentili Mosconi's stock closed Friday up 0.8 percent to EUR3.68 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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