(Alliance News) - Emak Spa reported Tuesday that it achieved preliminary consolidated revenues of EUR567.3 million in fiscal 2023 compared to EUR605.7 million in fiscal 2022, down 6.3 percent, 12 percent on a like-for-like basis.

At the operating segment level, the company points out, the Outdoor Power Equipment segment declined by more than 16%. A sharply declining first half of the year, mainly related to high inventory levels at the network, changing spending priorities by end consumers, and strong inflation that had already manifested itself during 2022, "was followed by a second half of the year summarily in line with the same period 2022," the note says. The fourth quarter in particular began to see an alignment of order intake and sales to values comparable to the same period last year.

The Pumps and High Pressure Water Jetting segment ended the year with 1.2 percent growth, down nearly 12 percent on a like-for-like basis. The agriculture line was up due to the contribution of the Bestway acquisition. With the same area, in fact, sales would have been down as a result of the slowdown in all the markets in which the group operates, an effect that in Europe was accentuated in the second half of the year while in the U.S. it had its most critical moment at the beginning of the year before gradually recovering in the last six months. The washing line is the one most affected by the macroeconomic environment, with a generalized decline in both hobby and professional products. Products for industry recorded sales in line with 2022 thanks mainly to products for very high

pressure.

The Components and Accessories segment saw a sales decline of 5.5 percent or 7.2 percent in the same area. Green care products saw a general decline, with the exception of the U.S. market; the agriculture line was affected by the general decline in the sector, particularly in South American markets; and washing products saw an overall decline, characterized by a negative performance in the hobbyist segment and a recovery in the professional line.

Emak's stock gives up 0.9 percent to EUR1.06 per share.

By Chiara Bruschi, Alliance News reporter

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