(Alliance News) - Unieuro Spa announced Thursday that it has approved its interim report as of Nov. 30, 2022, with revenues for the first nine months of the year at EUR2.10 billion from EUR2.15 billion for the same period in 2021.

The decline, the company explains, is caused by a EUR100.1 million reduction in the Brown category. In 2021, in fact, revenues of EUR420.9 million in that category had been affected by exceptional sales of TV sets and set-top boxes, induced by frequency migration. The gap with 2022 - in which revenues in the category were EUR320.8 million - was only partly offset by growth in the Grey, White and Services product categories.

Adjusted Ebit for the first nine months was EUR19.9 million from EUR56.5 mln recorded in the same period last year. The sharp decline, the company explains, is hurt by lower sales in the Brown segment and increased costs resulting from the high inflationary level.

Net cash is EUR133.1 million, down from EUR135.7 million at the beginning of the year, after dividend payments of EUR27.1 million.

As for the future, the company confirmed its revenue forecast at around EUR2.9 billion with adjusted Ebit expected at the lower end of the previously disclosed EUR35-40 million range; the year-end net cash estimate unchanged.

Unieuro also announced the appointment of Marco Deotto as Chief Financial Officer, effective February 20, 2023. In the new role, the top manager will report directly to CEO Giancarlo Nicosanti Monterastelli, assuming responsibility and coordination of Unieuro's Finance area, including administration & control, finance, investor relations, sustainability and M&A.

Unieuro on Thursday closed in the green by 0.4 percent at EUR12.44 per share.

By Chiara Bruschi, Alliance News reporter

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