(Alliance News) - Pattern Spa reported Wednesday that it closed 2023 with triple-digit growth in profit to EUR23.4 million from EUR4.1 million in 2022.

Adjusted net income -- net of the gain from the sale of the business to Burberry, the costs associated with the transaction, and the write-down of the Dyloan Bond Factory stake -- was EUR7.9 million, almost double the EUR4.1 million in 2022; adjusted group net income of EUR5.7 million grew more than last year's EUR2.6 million.

Revenues from sales amount to EUR145.6 million from EUR109.2 million in the previous year, up 33 percent. Total revenues increase to EUR147.9 million from EUR111.0 million a year earlier.

Ebitda is EUR18.8 million from EUR11.1 million in 2022, up 70 percent. The sale of the business to Burberry resulted in extraordinary costs associated with the transaction, amounting to about EUR1.1 million. Adjusted Ebitda is, therefore, EUR19.9 million, a year-on-year change of 79%, and adjusted Ebitda margin reaches 13%.

Ebitda increases to EUR8.4 million from EUR6.9 million in 2022.

Net financial position is positive EUR600,000, a significant improvement from the debt position of EUR13.9 million as of December 31, 2022 and the negative NFP of EUR15.4 million as of June 30, 2023, thanks to the positive impact of cash flow generated by the group's operations and the proceeds from the sale of the Turin plant business dedicated to Burberry, net of the

dividend distributed. Cash and cash equivalents amounted to EUR26.5 million compared to EUR19.1 million at the end of 2022.

As for the future, the company expects a "normal" first half of the year and results likely to grow in the second half of the year on a like-for-like basis.

"The group's M&A policy," the statement says, "will continue not at all costs, but only if 'exceptional' and strong companies on product development are evaluated, with entrepreneurs willing to participate in the project as described above, and will not involve speculative companies."

Pattern's stock closed Wednesday up 8.8 percent at EUR6.20 per share.

By Chiara Bruschi, Alliance News reporter

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