(Tiper Stock Exchange) – Mondadoria publishing group listed on Euronext STAR Milan, closed the first half of 2023 with net consolidated revenues equal to 362.4 million euro, up by 2.1% compared to the same period of the previous year. Net of the changes in scope between the two periods, organic growth in revenues was 2.7%. L’Adjusted EBITDA amounted to 38.2 million euros, showing an increase of almost 11 million euros. The Net incomeafter the share pertaining to minority interests, is positive for 12.2 million euros and shows an improvement of over 9 million euros.
“The first six months of the current year show a general growth in revenues to which the excellent performance of our core businesses has contributed, which are outperforming the forecasts of the beginning of the year – commented theAD Antonio Porro – Careful operational management has also allowed us to increase profitability and cash flow generation. The result is an improvement in economic performance and a strengthening of the Group’s capital which, together with the favorable trend in the prices of the main production factors, have created the conditions for revising upwards the targets for 2023″.
Solid cash generation confirmed with Ordinary Cash Flow LTM up to 63.6 million euro. There Net Financial Position excluding IFRS 16 at June 30, 2023 is equal to -215.2 million euros (-205.7 million euros at June 30, 2022), while the IFRS 16 Net Financial Position is equal to -285.5 million euros, substantially stable compared to -285.1 million euro as at 30 June 2022.
As already communicated to the market on 29 June 2023, the group has revised upwards for 2023 previous forecasts. Now expected: single-digit revenue growth; growth in Adjusted high single digit/low double-digit EBITDA, with an expected margin of between 16% and 17%; approximately 20% growth in net income; Ordinary Cash Flow expected between 65 and 70 million euros, up to 15%; Group net financial debt (IFRS 16) expected at 1.0x Adjusted EBITDA at the end of 2023.