(Alliance News) - Intercos Spa reported Thursday that it ended 2023 with adjusted net income of EUR56.5 million, up 10% from EUR5.2 million in 2022. Consolidated group net income, on the other hand, amounted to EUR52.4 million, up nearly 17 percent from last year, when it was EUR45.0 million.

The company also announced that it will propose to distribute a unit dividend of EUR0.18699 from EUR0.16622 in 2022.

Net revenues of EUR988.2 million were up 18 percent from EUR835.6 million in 2022, driven by diversification of the business model. The growth affected all geographic areas and business units, with remarkable results even considering the significant perforamances recorded in 2022, which had reported sales up 19 percent at constant rates compared to 2021.

Adjusted Ebitda amounted to EUR137.5 million, up 13 percent from EUR121.7 million in the previous year. "Despite the temporary impact resulting from the decrease in brand inventories, especially in the prestige segment, the excellent sales performance together with a cost increase lower than the sales growth allowed Ebitda to close the year again in strong growth," the company specified in a note.

Ebit amounted to EUR85.5 million from EUR70.9 million in 2022.

Net financial position is EUR100.2 million from EUR90.7 million in 2022. "Despite the slight increase in NFP, the growth in Ebitda has allowed the group to maintain the same level of leverage, now 0.73x from 0.74x as of December 31, 2022," the company points out.

As for the future, the company expects sales growth in 2024 at constant rates, compared to 2023, to be higher than the growth expectations of the market as a whole, and thus an increase of between 6 percent and 8 percent.

This growth is considered "reasonable" despite the fact that the group was subject to unauthorized access to systems that resulted in a temporary suspension of IT services.

"The restart process caused slowdowns in production and billing processes, the impacts of which will manifest themselves in the results for the first quarter of 2024. At the same time, we believe that these negative impacts will be offset by the group's performance in the remaining part of 2024," the statement said.

Intercos' stock closed Thursday 2.7 percent in the red at EUR14.24 per share.

By Chiara Bruschi, Alliance News reporter

Comments and questions to redazione@alliancenews.com

Copyright 2024 Alliance News IS Italian Service Ltd. All rights reserved.