Piquadro Group, a well-known leather goods company headquartered in Bologna, has recently announced its financial results for the fiscal year 2022-23. The company’s consolidated financial statements, approved as of March 31, revealed a remarkable surge in net income. Piquadro recorded a net profit of €6.5 million, representing a substantial 46% increase compared to the previous year’s profit of €4.4 million. This surge in revenue can be attributed to a notable 17.5% increase in net revenue, which reached an impressive €175.6 million.
One of the key factors contributing to Piquadro’s growth has been the company’s focus on improving its operational efficiency. By successfully increasing overall efficiency by 50%, from 10% to 15%, the company has managed to boost its sales profitability by approximately 10%. Additionally, Piquadro witnessed an overall profitability margin increase of over 40%, soaring from 7.5% to an impressive 10.6%. The group’s EBIDTA reached a significant €27.7 million, with the adjusted EBITDA amounting to €15.4 million. Furthermore, the company’s EBIT also experienced a positive growth, reaching €11.9 million, while the adjusted EBIT amounted to €10.8 million.
When analyzing the revenue breakdown of Piquadro Group, it is evident that over €80 million was generated solely from the Italian market. This represents a substantial 16.3% increase in revenue from the Italian market alone. It is worth noting that the group comprises brands such as Piquadro, The Bridge, and Lancel. Interestingly, despite the company having a negative net financial position of €18.3 million, the adjusted net financial position of Piquadro amounted to a positive €22.8 million.
Despite the uncertain economic climate, Piquadro remains optimistic about its future growth prospects. The company attributes its continuous improvement in profitability to its robust financial and equity solidity, as well as its strong commitment to research and development. In a press release, Piquadro stated, “The group’s management is confident it will continue along its growth path by leveraging the group’s strong financial and equity solidity, and its continuous commitment to research and development, to further improve the group’s current profitability.”
Looking ahead, the Piquadro board has plans to propose the distribution of a dividend of €5 million. This dividend calculation takes into account outstanding shares and includes treasury stock. Shareholders can expect this dividend to be payable from August 2, 2023. Overall, Piquadro Group’s impressive financial results and steady growth trajectory showcase its prominent position as a leading player within the competitive leather goods industry.
Useful links:
1. Piquadro
2. The Bridge
