(Alliance News) - Italian Wine Brands Spa announced Tuesday that its board of directors approved consolidated revenues for the year 2023, which came in at EUR429.1 million from EUR430.3 million pro forma as of Dec. 31, 2022.

Alessandro Mutinelli, chairman and CEO of the group, said, "In a context of a general decline in wine consumption and shipments to the main markets, we managed in 2023 to maintain the previous year's level of revenues, which had been an all-time record in IWB's history, while simultaneously improving margins and cash generation, in line with the best outlook of the guidance. All this confirms the strength of our group's commercial proposition, which is careful to preside over all commercial channels in each of the geographical areas served. The breadth of the range we now offer, from still wines to sparkling wines, in every price range, allows us to satisfy every type of customer, even in the presence of markets that are not particularly bright."

Italian Wine Brands' stock is down 1.3 percent at EUR17.90 per share.

By Chiara Bruschi, Alliance News reporter

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