(Alliance News) - Gentili Mosconi Spa on Thursday reported that it closed the year to Dec. 31, 2022, with a net profit of EUR6.8 million, up from EUR3.3 million in the same period last year.

Revenues were EUR53.1 million, up 33 percent from EUR40 million in fiscal year 2021.

Growth affected all business categories in which the group operates, with a significant increase in the fashion textiles and home textile accessories business lines.

Adjusted Ebitda stood at EUR10.1 million, doubled from the previous year when it was EUR5.0 million and with an Ebitda margin of 19.1 percent.

Adjusted Ebit was EUR6.8 million, up from EUR3.3 million in fiscal 2021.

Group Net Financial Position is reduced from a debt of EUR2.4 million as of Dec. 31, 2021 to a debt of EUR400,000 as of Dec. 31, 2022 excluding the EUR15.0 million capital increase concluded at the IPO.

Looking ahead, "despite the geo-political context characterized by very strong economic-financial tensions in the markets affecting the real economy, the first months of 2023 are characterized by a trend of revenue growth, although less vigorous than that achieved in 2022 in line with the luxury market," the company explained in a note.

"The company is focused and is working to put in place the initiatives declared preliminarily at the time of listing aimed at supporting the development of an integrated, efficient and sustainable platform."

Gentili Mosconi on Thursday closed flat at EUR3.60 per share.

By Claudia Cavaliere, Alliance News reporter

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