(Alliance News) - GM Leather Spa reported Thursday that it closed 2023 with a profit of EUR2.0 million, in line with the previous year's result.

Revenues amounted to EUR40.9 million, up from EUR40.8 million in 2022.

Ebitda is EUR6.2 million from EUR5.0 million in the previous year. The margin increases to 15 percent from 12 percent. The margin improvement was mainly affected by the increase in sales in the luxury segment and the internalization of the production process through the "Palladium Division."

Ebit amounted to EUR3.9 million up from EUR3.3 million a year earlier.

Net financial debt is EUR25.7 million from EUR15.4 million as of December 31, 2022. The increase is mainly attributable to strategic investments in the business unit "Palladium Division" and raw materials. The company also cites R&D, production, technology and sustainability investments made during 2023 to improve the business proposition, increase production and environmental efficiency of the group.

GM Leather's stock on Thursday closed at parity at EUR1.21 per share.

By Chiara Bruschi, Alliance News reporter

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