(Alliance News) - Unieuro Spa announced Friday that it reported adjusted net income of EUR18.7 million for the year ended Feb. 29, down from EUR20.9 million in 2022.

The company said it had proposed a dividend of EUR0.46 per share, up from EUR0.49 per share.

Revenues in the period stood at EUR2.63 billion, down 6.3 percent from EUR2.81 billion as of Feb. 28, 2022.

Adjusted Ebit 2023 is EUR34.8 million from EUR37.0 million in the previous year.

Net cash is EUR44.5 million from EUR124.4 million as of Feb. 28, 2023 after the acquisition of Covercare with an impact of EUR69.4 million.

Looking ahead, "in the financial year 2024-2025, in a still uncertain macroeconomic scenario and in a market expected to recover from the second half of the current year, revenues and net cash are estimated to be substantially unchanged from the previous year, adjusted Ebit expected in the EUR35-40 million range, the company explained in a note.

Giancarlo Nicosanti Monterastelli, chief executive officer of Unieuro, commented, "In the fiscal year just ended, in a challenging geopolitical and macroeconomic environment and in the face of a further deterioration of the consumer electronics market, we worked with a twofold objective: to preserve the group's profitability in the short term and to accelerate our medium- to long-term growth path."

"The results achieved, in compliance with the guidance communicated to the market, have demonstrated the validity of the actions put in place. Fully consistent with the strategic plan, we acquired Covercare, a transformative and crucial transaction for us, which will enrich the service offering and increase the group's profitability."

On Thursday, Unieuro closed in the green by 0.9 percent at EUR9.34 per share.

By Claudia Cavaliere, Alliance News reporter

Comments and questions to redazione@alliancenews.com

Copyright 2024 Alliance News IS Italian Service Ltd. All rights reserved.