(Alliance News) - The board of Italian Wine Brands Spa on Monday approved its financial results for 2023, reporting a net profit of EUR16.5 million compared to EUR14.2 million last year.

The board thus proposed the distribution of a dividend of EUR0.50 per share, up from EUR0.10 a year earlier.

Total revenues were EUR413.7 million from EUR439.5 million in 2022.

EBITDA was EUR44.3 million from EUR37.2 million in the previous year.

NFP was negative EUR115.93 million, compared to EUR146.55 million at the beginning of the year. "The increase is also attributable to positive cash generation and a reduction in working capital," the company wrote in the released note.

Italian Wine Brand on Monday trades in the green by 6.1 percent at EUR18.44 per share.

By Maurizio Carta, Alliance News reporter

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