(Alliance News) - Buzzi Spa shared on Friday preliminary information on fiscal year 2023, which closed with net revenues of EUR4.32 billion, up 8.1 percent from EUR4.00 billion in 2022 despite sales volumes declining, but this was offset by positive price dynamics.

During 2023, in fact, sales volumes realized by the group contracted compared to the previous year, with cement sales thus amounting to EUR26.34 billion down 7.0 percent from EUR28.33 billion in 2022 while concrete sales decreased 13 percent to EUR10.05 billion from EUR11.51 billion in 2022.

The company forecast better-than-expected recurring Ebitda of around EUR1.24 billion despite the unfavorable effect of foreign exchange.

"The generalized slowdown in deliveries already highlighted during the first nine months of the year," the company noted in a note, "continued during the last quarter in Central Europe, Poland, and the Czech Republic, while Italy and the U.S. continued to show greater resilience. Looking at the fully consolidated regions, local currency prices strengthened across the board compared to the previous year."

Net financial position as of Dec. 31 amounted to EUR798 million from EUR288 million recorded as of Dec. 31, 2022.

Buzzi's stock is down 0.5 percent at EUR31.34 per share.

By Chiara Bruschi, Alliance News reporter

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