(Alliance News) - The Gibus board of directors on Thursday reviewed and approved consolidated operating revenues as of June 30, a period ended with revenues of EUR47.6 million, down 6.2 percent from EUR50.7 million as of June 30, 2023.

Revenues earned abroad amounted to EUR21.3 million and accounted for 45 percent of the total, while they were EUR22.0 million as of June 30, 2023, accounting for 43 percent of the total.

Italy has revenues of EUR26.3 million, down from EUR28.7 million as of June 30, 2023.

Alessio Bellin - CEO of Gibus - commented, "The half-year just ended shows revenues in line with market expectations, which has not yet shown signs of recovery after last year's slowing trend. Regarding the invoice discount, we believe that 2024 is the year of final normalization. The German market, garrisoned by the group through its subsidiary Leiner, is confirmed to be substantially on the same revenues, which still do not allow to appreciate to a significant extent the synergies of the acquisition in terms of cross-selling, given to the distribution of the products of the High-tech Luxury line through the Leiner network."

"The commercial development and promotion activities for the opening of both the German market, through the Leiner sales network, and the Dutch market, through the Gibus NL subsidiary, are proceeding, although the collection in terms of sales reflects the slowdown of the economic momentum in Central European countries. The performance of the Design Line was affected by the weather context at the European level, which was also characterized by flooding episodes, while the High-Tech Luxury Line was less affected by the seasonal business trend and the weather factor."

Gibus on Thursday trades in the red by 1.7 percent at EUR8.20 per share.

By Maurizio Carta, Alliance News reporter

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