(Alliance News) - Piovan Spa reported Tuesday that it closed 2023 with a net profit of EUR48.9 million compared to EUR34.8 million in the previous year.

In FY2023, the Piovan Group's revenues amounted to EUR559.1 million, up sharply from EUR519.8 million in FY2022, an increase of 7.6 percent. Giving retroactive effect to the acquisition of the IPEG group as of January 1, 2022, FY2022 revenues would have been EUR533.4 million, an increase in FY2023 of 4.8 percent.

Ebitda was EUR78.4 million, up 27 percent from EUR61.6 million in FY 2022, with a revenue margin of 13.7 percent from 11.6 percent in FY 2022. Adjusted Ebitda-which excludes some nonrecurring items-increased to EUR78.9 million.

Ebit, on the other hand, increased to EUR64.7 million from EUR44.7 million, a margin of 11.3 percent from 8.4 percent a year earlier.

Earnings per share were EUR0.97 as of December 31, 2023 compared to EUR0.68 as of December 31, 2022.

Consolidated Net Financial Position as of December 31, 2023 is negative EUR57.8 million and also an improvement over the negative NFP of EUR88.1 million as of December 31, 2022, with net cash generation of EUR30.3 million. Operations offset cash absorption attributable to dividends resolved and paid by the parent company in May 2023 of about EUR10.2 million and investments made in FY2023 of about EUR9.7 million, as well as repayment of installments on medium- to long-term loans.

The board proposed to shareholders a dividend of EUR0.27 per share from EUR0.20 a year earlier.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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