Ieg, stock market jump after the half-yearly report
Record profit and turnover. CEO Peraboni: "We are aiming for new acquisitions"
Euphoric stock exchange for Italian Exhibition Group. The company, listed on euronext Milan and leader in Italy in the organization of international trade fair events (in the Rimini and Vicenza fairs) closed today with a rise of 10.69% at 2.90 euros per share. The stock soared after the company released its first-half 2023 results.
On the revenue front, Ieg recorded a record result for the group in the first half of the year, while the bottom line returned to profit (net result at 10.6 million euros, an increase of 16.3 million compared to the same period of 2022).
Revenues stood at € 119.2 million, a record result for the group in the first half year; Ebitda at € 29.3 million, with a margin of 24.6% of revenues; and Ebit at €21.2 million (17.8% of revenues).
The CEO of the group, Corrado Arturo Peraboni, is satisfied: "The results achieved in this second quarter of 2023 confirm the extremely positive trend already evident at the end of the first months of the year, achieving the record turnover, the return to profitability and a solid cash generation. Despite the uncertainties that remain on the front of the economic-monetary policies implemented by the country system and the geopolitical tensions of Eastern Europe, today the signs of a post-pandemic restart are clear, which have allowed the Group to recover volumes for most of the main events in the portfolio, but above all to record solid organic growth, together with the expansion of the product portfolio with the first editions of K.EY, after the spinoff from Ecomondo; of My Plant & Garden in Italy and Café and Restaurant Asia abroad in their first post-acquisition editions. In the second part of the year we will continue to pursue the strategic objectives by executing the investment and development plans, both national and international, through strategic partnerships, new acquisitions and expansion of our products, confident that we will be able to exceed some of the objectives of the strategic plan as early as 2023 ”.
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