(Alliance News) - Italian Exhibition Group Spa reported Tuesday that it closed 2023 with revenues up 32 percent year-on-year to EUR212.4 million from EUR160.4 million in the previous year.

The group consolidated its record revenue thanks to solid organic growth that led some events to their best-ever performance but also thanks to the post-pandemic volume recovery, which had still penalized the first quarter of 2022 with the postponement of some events, contracting their exhibition volumes and visitation.

Adjusted Ebitda rose to EUR49.5 million from EUR18.1 million. Ebitda margin stood at 23.3 percent, recovering 12.1 percentage points from December 31, 2022, thanks to higher volumes and a partial recovery on prices, despite inflationary pressures that continue to affect supplies especially of related services, transportation and materials.

Adjusted operating income improved to EUR31.6 million from EUR2.2 million as the company regained profit -- of EUR13.3 million -- after a loss of EUR837,000 a year earlier.

The board thus proposed the distribution of a dividend of EUR0.14 per share. The coupon will be detached on May 20 and the record date is set for the following day.

Net financial position as of December 31, 2023 is EUR71.9 million, an improvement of EUR23.4 million from the previous year, when it was EUR95.4 million due to solid operating cash generation. Capital expenditures for the period amounted to EUR10.4 million and were mainly related to routine maintenance of the fairgrounds, the construction of the new automated parking lots, the start of upgrading activities at the Vicenza fairgrounds and the reconstitution of equipment at the production companies, as well as investments on information systems and digitization projects.

Based on the performance of the main exhibitions held in the first two months of the year and the portfolio confirmed on the second quarter, the group estimates that it has achieved the booking targets set in the new 2023-2028 strategic plan for the end of the first half of 2024 and can confirm the forecasts for 2024 included in the strategic plan with expected growing revenues and margins between EUR234 million and EUR239 million and operating margins between EUR56 million and EUR58 million, respectively.

Italian Exhibition Group's stock is up 2.1 percent at EUR4.93 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

Comments and questions to redazione@alliancenews.com

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