(Alliance News) - Gibus Spa reported Thursday that it ended 2023 with revenues rising to EUR91.3 million from EUR83.9 million in the previous year.

The 2023 performance is mainly attributable to the contribution of the Leiner Group, which was acquired on Sept. 30, 2022, and consolidated as of Oct. 1, 2022: the transaction enabled the consolidation of the group's business model and increased penetration in the main European markets, Germany and Benelux.

Leiner GmbH is in fact a distribution platform for German-speaking markets, offering access to more than 700 active dealers and a range of strategic products for Central European markets such as glass roofs.

Gibus Group Ebitda fell to EUR14.3 million from EUR19.0 million, impacted by several factors such as the pressure on raw materials in the first half of 2023. Operating income fell to EUR8.1 million from EUR15.3 million, with depreciation and amortization increasing to EUR5.4 million from EUR3.1 million in 2022.

Pre-tax income fell to EUR6.9 million from EUR17.5 million, and net income fell to EUR3.7 million from EUR10.3 million.

Net financial position was EUR20.5 million and an improvement from EUR22.6 million as of December 31, 2022. This improvement stems from the business's good ability to generate cash flow despite the high level of investment in Capex and Opex to support the development of strategic lines with a more international outlook. In addition, a dividend of EUR2.5 million was paid in April 2023.

The board proposed the distribution of a dividend of EUR0.50 per share, unchanged from that paid in 2022. The ex-dividend date will be May 6, the record date on May 7, and payment will be made on May 8.

Gibus stock is up 1.4 percent at EUR10.60 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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