(Alliance News) - Elica Spa reported Thursday that it reported a net profit of EUR13.4 million in 2023 from EUR22.5 million as of December 31, 2022.

The company proposed to distribute a dividend of EUR0.05 per share from EUR0.07 in 2022.

Revenues stood at EUR473.2 million from EUR548.6 million and down 14 percent.

Normalized Ebitda is EUR48.1 million, down 15 percent from EUR56.6 million in 2022.

Ebit 2023 is EUR24.3 million, down about 27% from EUR33.0 million in the previous year.

Net financial position is negative EUR41.3 million.

The company announced that from April 2, the third tranche of the buyback program will be launched for a maximum number of 150,000 purchasable shares.

Looking ahead, "the outlook for the coming months indicates a further decline in demand, both in the Cooking and Motor segments, and a declining average market price due to strong competition. However, the group remains steadfastly committed to preserving market share and operating margin, including through a full range in the Vacuum segment and the expansion of the product range in the Cooking segment -- such as, for example, "LHOV" -- and opportunities related to the Motors world, such as the commercialization of heat pumps," as the company explained in a note.

"In order to support the launch of new products and the repositioning of the brand, and thus lay the foundation for the resumption of revenue growth, 2024 will therefore be marked by significant investments in the group's target markets."

Elica trades in the red by 1.1 percent at EUR1.88 per share.

By Claudia Cavaliere, Alliance News reporter

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