(Alliance News) - Saccheria F.lli Franceschetti Spa reported Tuesday that in the first half of the year, revenues amounted to EUR9.2 million from EUR9.8 million as of June 30, 2023.

"It should be noted that the company operates as a substitute for collection on behalf of CONAI, whose revenues and costs in the income statement cancel: not considering the effect of this contribution, management revenues as of June 30 stood at EUR9.1 million compared to EUR9.8 million as of June 30, 2023," the company specified in a note.

Luigi Wilmo Franceschetti and Luisa Franceschetti, president and CEO respectively, commented, "The first six months of 2024 were heavily affected, especially in January and February, by the procurement difficulties related to the lengthening of delivery times for goods as a result of acts of piracy in the Suez Canal. Delays in deliveries, which were associated with an increase in their costs, led to a loss of turnover not so much due to a lack of orders, which in any case showed a contraction compared to the same period 2023, but due to a lack of products."

The context, together with "the national and international economic situation with the continuation of a high rate of inflation," they continue, "resulted in a 6% reduction in turnover compared to the first half of 2023. The eCommerce channel, despite also being affected by delivery delays, recorded a 12 percent increase in turnover compared to the first half of 2023. The decline in turnover has not significantly impacted margins, which remain good."

The stock of Saccheria F.lli Franceschetti closed Tuesday at parity at EUR1.16 per share.

By Chiara Bruschi, Alliance News reporter

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