(Alliance News) - Technogym Spa announced Monday that it closed 2023 with an adjusted net profit of EUR78.4 million, up 18 percent from EUR66.1 as of Dec. 31, 2022.

The company announced that it has proposed to distribute a dividend of EUR0.26 per share, up from EUR0.25 per share in 2022.

Consolidated revenues for the period stood at EUR808.1 million, up 12 percent from EUR721.5 million in 2022.

Adjusted Ebitda as of December 31 was EUR152 million, up 15 percent from 2022, when it was EUR132 million.

Adjusted Ebit in 2023 was EUR101.2 million, up 18 percent from EUR85.3 million in the previous year.

Net financial position was positive EUR127 million, an improvement from EUR122 million as of December 31, 2022.

In addition, the company announced a proposed buyback plan for up to 20 million ordinary shares of the company.

Nerio Alessandri, chairman and chief executive officer, commented, "2024 will be a special year for Technogym, marked by two extraordinary events such as the partnership with the Paris 2024 Olympics and the celebration of Technogym's 40th anniversary during Milan Design Week."

"Paris 2024 will be Technogym's ninth participation as the exclusive supplier of the Olympic Games, a position that will give us a relevant competitive advantage in the fast-growing performance sports market, not only among athletes, but also among the general public. The "Design to Move" exhibition will celebrate, in the setting of the Salone del Mobile, Technogym's 40 years through 40 unique Technogym Benches interpreted by 40 designers and artists from around the world, and will represent a further opportunity to confirm Technogym as the leading brand in design and luxury lifestyle."

"Therefore, building on the solid results of 2023, the rich program of appointments and innovation for 2024, we are confident in the continuation of our profitable, sustainable and long-term growth path."

Technogym trades in the red by 4.6 percent at EUR9.29 per share.

By Claudia Cavaliere, Alliance News reporter

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