(Alliance News) - Recordati Spa on Tuesday confirmed its results for fiscal year 2023, which closed with net income of EUR389.2 million, up 25 percent from 2022, driven by strong operating performance and lower nonrecurring costs than in 2022.

The company proposed the distribution of a dividend of EUR0.63 per share, in settlement of the FY2023 interim dividend of EUR0.57, for each of the shares outstanding as of the ex-dividend date on May 20, with payment on May 22 and record date on May 21. Thus, the dividend

total per share proposed for fiscal year 2023 amounts to EUR1.20 per share from EUR1.15 per share under the 2022 budget.

Consolidated net revenues for the period stood at EUR2.08 billion up 12 percent from 2022, in line with the upper end of the guidance range revised upward last May.

Ebitda amounted to EUR769.6 million in 2023, up 14% from 2022, and with a revenue margin of 37% compared to 36% in 2022, reflecting higher operating leverage.

Free cash flow was EUR456.0 million in 2023, up EUR17.0 million from the previous year, absorbing the increase in working capital due to higher revenues and higher interest expenses.

Net debt as of Dec. 31, 2023 was EUR1.58 billion, compared with net debt of EUR1.42 billion as of Dec. 31, 2022.

Recordati trades in the red by 2.2 percent at EUR50.74 per share.

By Claudia Cavaliere, Alliance News reporter

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