(Alliance News) - Piovan Spa reported Tuesday that it made a profit of EUR15.1 million in the first quarter from EUR9.5 million in the first quarter of 2023. The first quarter 2023 profit had benefited from the gain from the sale of Toba PNC while in the first quarter 2024 the group benefited from the EUR6.4 million gain from the revaluation to fair value of the stake it initially held in NuVu and subsequently entered the scope of consolidation.

Revenues increased to EUR133.5 million from EUR138.9 million as of March 31, 2023. Giving retroactive effect to the acquisition of Nu-Vu Conair Private Ltd as of January 1, 2024, revenues for the first quarter of 2024 would have been EUR134.8 million, a decrease from 2023 of 3.0 percent.

Ebitda was EUR16.0 million from EUR15.6 million in the first quarter of the previous year.

Ebit amounted to EUR12.6 million from EUR12.3 million in the same period of FY2023.

Consolidated Net Financial Position as of March 31, 2024 is negative EUR54.4 million, an improvement from a negative NFP of EUR98.5 million as of March 31, 2023 and EUR57.8 million as of December 31, 2023.

In relation to order intake, the company specifies, "the last months of 2023 and the first months of 2024 show a continuation of the phase of market uncertainty already observed at the end of 2023, while nevertheless showing signs of stabilization, mainly due to the continuation of a macroeconomic and geopolitical scenario that continues to reflect a general contraction of investments."

The order backlog as of March 31 "shows a contraction compared to the previous year's figures, but - on a like-for-like basis - remains relatively constant compared to the figures as of Sept. 30, 2023, and the end of December 2023, while still remaining above the group's historical averages," the company note further reads.

Piovan's stock closed Tuesday in the red by 0.9 percent at EUR11.50 per share.

By Chiara Bruschi, Alliance News reporter

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