(Alliance News) - Piquadro Spa reported Thursday that it closed the first half of its fiscal year with revenues up to EUR85.9 million from EUR80.2 million in the same period last year.

In detail, Piquadro brand revenues rose to EUR39.5 million from EUR35.2 million, The Bridge's revenues increased to EUR16.6 million from EUR14.9 million, while Lancel's revenues fell to EUR29.8 million from EUR30.0 million.

Ebitda increased to EUR14.7 million from EUR10.2 million while the adjusted figure-which discounts the effects of IFRS 16-shows an improvement to EUR8.5 million from EUR3.9 million.

Ebit also rises, to EUR6.7 million from EUR2.4 million, while the adjusted figure improves to EUR6.1 million from EUR1.8 million.

Net income soars, rising to EUR4.1 million in the six months to September 30 from a loss of EUR70,000 in the same period a year earlier.

Net financial position is negative and equal to EUR29.4 million, including about EUR39.8 million in borrowings from the application of IFRS 16 accounting standard and improving by more than EUR11 million compared to the September 30, 2022 figure. The adjusted NFP was positive and amounted to EUR10.4 million.

"We close the first half of the year with decidedly positive results. With reference to sales, we record important increases on Piquadro and The Bridge while Lancel held up, although sales were strongly affected by the situation on the domestic market, where the maison realizes more than 90 percent of its revenues," said Marco Palmieri, president and CEO of the Piquadro group.

"Profitability performance was excellent with adjusted Ebitda up 118 percent and adjusted Ebit up 236 percent at the group level. The steadily, decisively improving Net Financial Position completes a positive picture despite the period of general geopolitical instability."

"The excellent performance recorded in the first half of fiscal year 2023-2024, both in terms of sales revenue and especially in terms of profitability, confirms the ability to meet expectations and assures management of the soundness of the growth paths undertaken despite a volatile economic scenario. In such an environment, the group's management believes that it can keep the dynamics of revenue growth in line with what was recorded in the first half of the year and achieve higher levels of profitability than in the year ended March 31."

Piquadro's stock is up 1.4 percent at EUR2.18 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

Comments and questions to redazione@alliancenews.com

Copyright 2023 Alliance News IS Italian Service Ltd. All rights reserved.