(Alliance News) - FILA Spa reported Tuesday that it closed the first nine months of the year with normalized net income of EUR45.1 million from EUR43.0 million in the same period last year.

Consolidated revenues amounted to EUR614.2 million, up from EUR595.0 million reported as of Sept. 30, 2022.

Normalized Ebitda amounted to EUR108.0 million while it was EUR95.5 million in the first nine months of 2022. Margins increased to 18 percent from 16 percent due to higher sales lists and continued cost efficiencies, particularly in North America, despite higher service costs to support growth.

Normalized Ebit increased to EUR85.2 million from EUR71.8 million in the same period of 2022, with margin on revenues at 14 percent.

Normalized net debt was EUR365.1 million, from debt of EUR349.8 million as of Dec. 31, 2022.

"We maintain our guidance on the expected year-end cash generation and Ebitda growth," says Massimo Candela, CEO of FILA, "although in a scenario that is still very complex, particularly in Europe, which is strongly influenced by the high cost of money that has generated important de-stocking effects. The group's focus for 2024 remains on cash generation aimed at lowering borrowing costs and continued improvements in working capital management."

FILA's stock is up 0.3 percent at EUR7.67 per share.

By Chiara Bruschi, Alliance News reporter

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