(Alliance News) - Azimut Holding Spa reported Thursday that it closed the first nine months with adjusted net income up year-on-year to EUR348.9 million from EUR302.3 million in the same period last year.

The adjusted figure excludes the EUR19.4 million one-time charge related to the tax settlement with the Internal Revenue Service for tax periods 2016 to 2021 and the EUR11.1 million accounting impact -- from EUR18.7 million in 2022 -- from the application of IFRS 17 accounting standard for insurance contracts.

Revenues were broadly stable, at EUR965.0 million from EUR966.6 million a year earlier, with assets growing 10 percent to EUR84.0 billion from EUR76.5 billion and assets standing at EUR57.8 million.

Operating income grew by 4 percent to EUR430.8 million from EUR413.9 million in 2022 or EUR419.9 million net of Sanctuary, and the operating margin stood at 45 percent due to the development of total revenues exceeding costs.

Consolidated net financial position at the end of September was positive at approximately EUR358.9 million, up EUR104.3 million from June. This compares with EUR293.1 million at the end of December 2022, taking into account the payment of the cash dividend of EUR1.30 per share and the dividend related to participating financial instruments totaling EUR234 million. In addition, in the nine months of this year, acquisitions and investments of about EUR141 million were made and payments of about EUR64 million were made for tax advances, tax litigation, virtual stamp duty and mathematical reserves.

Gabriele Blei, group CEO, said, "We grew again in 2023 despite a difficult environment due to market volatility, geopolitical instability and the consequences of the reduction of accommodative monetary policies adopted by central banks. This was achieved by leveraging three main assets: our people, our customers, and the unique spirit of Azimut. The year 2024 will mark the conclusion of our medium-term goals and we remain fully focused on achieving our EUR500 million net income target, thanks to the growth of our Italian and international business and the completion of the deleveraging process, while remunerating our stakeholders."

Azimut Holding's stock is up 1.7 percent at EUR20.94 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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