(Finance) – Unieuroa company listed on Euronext STAR Milan and active in the distribution of consumer electronics and household appliances in Italy, has closed the half-yearly to 31 August 2023with revenues equal to 1,227.9 million euros (-5.0% compared to the first six months of the previous year), in a consumer electronics market which recorded a contraction of 6%, given the difficult macroeconomic context and the saturation of some product categories after years of record growth.
L’Adjusted EBIT is equal to 2.7 million euros, compared to 12.1 million in the first half of 2022/23, with a change attributable to the trend in margins in the first quarter of the current financial year. The Adjusted net result is equal to -0.6 million euros, compared to 4.6 million in the first half of the previous year.
“The operating profitability of the second quarter, unchanged compared to the corresponding period of the previous year and in contrast with the trend recorded in previous quarters, is the result of careful management of costs and margins and demonstrates our capacity for resilience in a difficult market – commented theAD Giancarlo Nicosanti Monterastelli – The expectations of a still unfavorable macroeconomic trend for the rest of the financial year make us even more determined in implementing our ambitious strategic plan focused on cost control and growth, particularly in services, to ensure the company’s growing profitability in the ‘floor arch’.
There net cash is equal to 78.5 million euros, up compared to 71 million at 31 August 2022 and down compared to 124.4 million at the beginning of the year mainly due to the typical seasonality which determines an absorption of liquidity in the first half of the year.
With regard to theoutlook 2023/24, Unieuro states that Adjusted EBIT is expected in the low end of the range previously communicated, i.e. around 35 million euros, against revenues estimated in a range of 2.70-2.75 billion euros; Net cash expected in a range of 90-110 million at the end of the financial year.
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