(Alliance News) - Pattern Spa reported Thursday that it ended 2023 with revenues of EUR145.4 million, up from EUR109.2 million in the previous year.

The significant increase shown in 2023 is the combined effect of organic growth and the contribution from the acquisitions or increase in shareholdings concluded during 2023: 100 percent of Nuova Nicol Srl; the additional 40 percent of the share capital of Petri & Lombardi Srl; the additional 30 percent of Dyloan Bond Factory Srl; and the additional 30 percent of RGB Srl, which more than offset the sale of the business branch of the Turin plant dedicated to the design and production of Burberry brand products in October.

Investments, on the other hand, increased to EUR19.4 million from EUR16.4 million while the Net Financial Position shows cash of EUR600,000 which compares with debt of EUR13.8 million as of December 31, 2022 and debt of EUR15.4 million as of June 30 last year.

In addition, the board resolved to appoint Franca Di Carlo as a new director, replacing Innocenzo Tamborrini who resigned.

Pattern's stock closed Thursday down 1.6 percent at EUR6.20 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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