(Alliance News) - Equita Group Spa reported Thursday that it closed 2023 with an adjusted profit of EUR16.9 million from EUR16.2 million in 2022 and a consolidated profit of EUR16.1 million from EUR15.2 million in the previous year.

The company's board of directors resolved to propose a dividend of EUR0.35 per share to the next shareholders' meeting, in line with what was distributed for fiscal year 2022.

Consolidated net revenues increased to EUR87.5 million from EUR86.2 million in 2022. Performance in the fourth quarter was particularly strong, with consolidated net revenues increasing to EUR28.1 million, up 27 percent from EUR for the same period in 2022.

Consolidated equity as of December 31, 2023 was EUR109 million, and the average return on tangible equity was 26 percent. The group's level of capitalization is confirmed at significant levels, "with an IFR ratio of about 5 times the minimum basic requirements," the note says.

"For 2024, we expect a gradual improvement in the market environment thanks to cautiously positive expectations on brokerage volumes and capital markets and M&A transactions," commented Andrea Vismara, managing director of Equita. "This will be complemented by the contribution of the investments made to date, from the diversification of the Global Markets offering to the strengthening of the Investment Banking team with new senior figures and areas of specialization, from recent partnerships with senior advisors to the launch of new illiquid funds in Alternative Asset Management.

The company also pointed out that the Boards of Directors of subsidiaries Equita SIM and Equita Capital SGR have made changes to their organizational model, "with the intention of strengthening the corporate governance structure and thus supporting the business diversification strategy and further growth of the group."

Equita SIM appointed Luigi De Bellis - Co-Head Research Team - and Simone Riviera - Deputy Head Investment Banking - as deputy general managers of the brokerage firm. Equita Capital SGR, on the other hand, appointed Paolo Pendenza - Managing Partner and Head of Private Debt - deputy general manager of the management company.

These appointments are effective March 13.

Equita's stock trades in the green by 0.8 percent at EUR3.74 per share.

By Chiara Bruschi, Alliance News reporter

Comments and questions to redazione@alliancenews.com

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