(Alliance News) - Italian Design Brands Spa reported Monday that it ended 2023 with revenues up to EUR310.8 million from EUR211.6 million in the previous year.

Ebitda rose to EUR54.3 million from EUR39.4 million and operating profit improved to EUR42.1 million from EUR34.3 million.

Gross profit increased to EUR36.3 million from EUR32.8 million while net profit grew to EUR25.6 million from EUR22.8 million.

These indicators also include the 12-month figures of Cube Design, Axolight and Turr in the scope of consolidation. Without the accounts of these companies, revenues would be EUR287.4 million from EUR199.5 million a year earlier, Ebitda would rise to EUR52.1 million from EUR31.7 million, and profit of EUR28.1 million would compare with the net loss of EUR5.9 million in the previous year.

The net banking position as of December 31, 2023 is EUR14.2 million. Taking into account also debts for earn-outs and purchase of minority shares through the exercise of put & call options, the Net Financial Position becomes EUR87.1 million, mainly medium- to long-term. This figure, added to EUR33.7 million of debt resulting from the application of IFRS 16 accounting standard, generates a total NFP of EUR120.9 million.

Italian Design Brands' stock is up 1.3 percent at EUR9.70 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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