Fope (FPE) H2 2024 earnings summary

Executive summary

• Net profit for 2024 was €8.4 million, with a proposed eighth consecutive dividend distribution since listing.

• Net revenues grew 10% year-over-year to €73.4 million, with 86% generated internationally; strong growth in the US, South-East Asia, Far East, and Italy.

• First half saw a 15% revenue decline due to production slowdowns, but backlog grew 11%; second half recovered order fulfillment volumes.

• EBITDA margin held steady at 20.2% despite higher costs for production efficiency and staff expansion.

• Net financial position improved and remains cash positive, even after investments and increased working capital.

Financial highlights

• Net revenues: €73.43M (+10% vs. 2023); EBITDA: €14.80M (down €2.15M); EBIT: €12.11M (down €2.55M); Net income: €8.38M (down €1.69M, -16.8%).

• EBITDA margin: 20.2% (2023: 25.4%); EBIT margin: 16.5% (2023: 22.0%).

• Equity: €45.36M (+13.3%); Net financial position: €3.26M cash positive (2023: €0.03M).

• Working capital: €30.35M (+6.8%); Net invested capital: €42.10M (+5.0%).

• Dividend distributed: €4.59M.

Outlook and guidance

• 2025 opened with a significant increase in order volumes; further growth expected.

• Positive business development expected to continue in 2025, with sales volume growth and positive economic results forecast.

• New US customs duties on Italian jewelry may impact costs; price lists to be adjusted, but sales impact not yet quantifiable.