Piquadro (PQ) H2 23/24 earnings summary

Executive summary

• Consolidated revenues reached €180.3 million for the year ended March 31, 2024, up 2.7% year-over-year.

• Net profit rose sharply by 61.9% to €10.5 million compared to the prior year.

• EBITDA improved to €32.0 million, with adjusted EBITDA up 27.6% to €19.6 million.

• EBIT increased to €14.8 million, with adjusted EBIT up 24.8% to €13.5 million.

Financial highlights

• Revenue growth was driven by strong performance in the Piquadro (+6.9%) and The Bridge (+10.0%) brands, while Lancel declined by 5.4%.

• Italian sales grew 6.8%, European sales declined 2.3%, and Rest of World sales rose 20.7%.

• Adjusted net financial position was €16.8 million, down from €22.8 million a year earlier.

• Shareholders’ equity increased 6.0% to €64.7 million.

Outlook and guidance

• Management remains confident in continued growth, citing brand strength, innovation, and financial solidity, despite ongoing market volatility.

• The first two months of FY 2024-25 have shown growth.

• A dividend of €7.0 million is proposed, payable in August 2024.