ITALIAN WINE BRANDS S.P.A. (Alliance News) - Italian Wine Brands Spa announced Thursday that its board of directors approved the half-yearly report as of June 30 reporting sales revenues of EUR196.8 million, up from EUR177.3 million in the same period last year.
Profit amounted to EUR4.6 million up from EUR3.9 million in the first half of 2022.
Consolidated EBITDA is EUR17.3 million which compares to EUR14.2 million in H1 2022.
Operating income is EUR9.9 million from EUR8.1 million in the same period last year.
Net financial debt is EUR154.2 million from EUR156.4 million in the same period last year.
Alessandro Mutinelli, chairman and CEO of the group, said, "The first half of the year ended with figures that were up on the same period last year and better coverage of input costs than last year, which had been characterized by a relentless increase in input costs."
"From this point of view, the second half of the year is expected to confirm this improving trend, although the decrease in consumer purchase volumes is evident, due to the impact of inflation and the higher cost of money. The integration of the group's various companies continues according to the planned schedule, with a view to simplifying and streamlining the company and business and to increase the already good cash conversion."
Italian Wine Brands' stock on Thursday closed 2.2 percent in the red at EUR18.00 per share.
By Chiara Bruschi, Alliance News reporter
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