Italian Design Brands Sales Almost Double in Q1
MILAN — Bolstered by exports of its high-end furnishings, lighting and accessories to key markets like North America and the Far East, its contract business, and its acquisition of Cubo Design, Italian Design Brands saw its net profit surge 187.3 percent in the first quarter. Sales rose 80.6 percent to 62.9 million euros in the three months ended March 31. Its pro-forma revenues were 65.9 million euros and pro-forma adjusted net profit stood at 5.4 million euros in the first quarter.
The adjusted, pro-forma figures reflect the results of Cubo Design, the Abruzzo, Italy-based company IDB acquired Jan 31.
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Home to upscale brands like Saba Italia, Gervasoni and Meridiani, IDB said adjusted earnings before interest, taxes, depreciation and amortization rose to 10.6 million euros compared to 4 million euros in the period a year earlier.
With a majority stake acquisition of Cubo Design, IDB entered into the kitchen and systems sector. Cubo Design is home to the Binova and Miton Cucine brands, which specialize in the production of modular kitchens and systems.
The shares, trading with the ticker IDB.MI on Euronext Milan (a regulated market organized and managed by Borsa Italiana), closed 0.13 percent higher to 11.63 euros.
When listed last week, IDB’s management said it was confident that the success of its initial public offering would accelerate its expansion plans in the near term.
“We are already working on the next acquisition and we hope to have an 11th partner by the end of the year,” IDB chief executive officer Andrea Sasso told journalists at the opening festivities, where Sasso rang the opening bell with managing director Giorgio Gobbi.
By segment, its contract business, led by Cenacchi International and Modar, led gains as sales surged 127.1 percent. Its furniture business, which includes Gervasoni, Meridiani, Saba Italia and Gamma Arredamenti International, saw revenues rise 32.6 percent. Sales of its lighting business, now including Davide Groppi, Flexalighting and Axolight, rose 22.5 percent compared to the first quarter of 2022.
The group’s net financial position as of March 31 stood at 168.1 million euros.
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