(Alliance News) - Gismondi 1754 Spa reported Friday that it ended 2023 with a net profit of EUR35,000 from EUR1.6 million in the previous year.

Consolidated production value amounted to EUR14.6 million from EUR15.2 million in the previous year.

Consolidated Ebitda amounted to EUR970,493 from EUR3.0 million recorded as of December 31, 2022.

Consolidated Ebit was EUR538,000 from EUR2.6 million a year earlier.

Net financial debt is EUR6.0 million up from EUR3.0 million a year earlier. This is mainly due to cash absorption generated by the substantial investment in inventory growth and the acquisition of 51 percent of Hyperion Lab Srl, the company explained in a note.

Massimo Gismondi, CEO of Gismondi 1754, said, "Despite the continuing state of socioeconomic uncertainty - brought about by the wars and the Chinese crisis, and despite the end of the revenge shopping effect that has positively affected 2021/2022 sales - I am very satisfied with the results achieved, as the company has shown readiness and flexibility in facing the negative scenario that has affected the entire luxury segment."

"Although with the right caution, I am confident in the future," he concluded, "because the actions taken for total control of the supply chain, thanks to the acquisition of Hyperionlab, will allow us to expand our business with greater profits.

Gismondi's stock closed up 1.5 percent at EUR3.98 per share.

By Chiara Bruschi, Alliance News reporter

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