(Alliance News) - Bialetti Industrie Spa reported Thursday that it closed the first nine months with revenues up to EUR98.7 million from EUR95.7 million in the same period last year.

The increase in revenues was mainly due to the coffee world and in particular to sales of ground coffee and in aluminum capsules in Italy; foreign development also through the opening of commercial subsidiaries; the recovery of the Italian market following the pandemic, especially with reference to the retail channel; and the opening of affiliated stores.

Normalized consolidated EBITDA was positive at EUR13.0 million, up by EUR1.5 million compared to the first nine months of fiscal year 2022. This result is a consequence of both the positive revenue trend - also supported by marketing investments of around EUR4.5 million - and the recovery of margins.

Group net debt as of September 30 was EUR117.9 million compared to EUR106.6 million as of December 31, 2022. Normalized net financial debt, relevant for covenant compliance, was EUR87.3 million.

Bialetti Industrie's stock closed Thursday up 0.7 percent to EUR0.27 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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