(Alliance News) - Omer Spa reported Monday that it ended 2023 with a production value of EUR66.8 million, up 6 percent from EUR63.3 million in 2022.

This increase was mainly driven by growth in production volumes of the parent company Omer. 48% of oroduction value was realized in Italy, 21% in France, 10% in Germany, 10% in the UK, 5% in the US, and the remaining 6% in other countries.

At the product level, 77% of production value was furniture, followed by 12% toilet modules, 8% fairings, and 3% other revenues.

Ebitda rose 4 percent to EUR14.3 million from EUR13.8 million, with margin down to 21.4 percent from 21.8 percent a year earlier. The figure is described as "positive" by the company, considering that the cost of the main raw materials used in the production cycle, although on a gradually decreasing trend, is still higher than the values recorded before the outbreak of the Russian-Ukrainian conflict. In addition, in the second part of the year, there was an increase in labor costs related to both the increase in the number of direct and indirect resources, with the aim of increasing production capacity, and the increase in the average per capita contractual cost.

The Group's consolidated net financial position was positive at approximately EUR19.7 million, up from EUR9.6 million as of December 31, 2022. This is significantly higher than the 2022 figure due to strong cash generation from operating activities.

The backlog is EUR125 million, an increase of about 8 percent compared to the 2022 figure, when it was EUR116 million. The soft backlog is EUR243 million, down slightly from the 2022 figure of EUR250 million, due to backlog conversions recorded during the year.

Giuseppe Russello, chief executive officer of Omer, said, "Preliminary results for 2023 show a positive picture, however still characterized by the uncertainty of the political-economic scenario, which unfortunately has an impact on raw material costs. Taking into consideration the growing backlog compared to fiscal year 2022, as well as the value of production and the consequent strong cash generation, it shows an absolutely positive and concrete trend that will favor the natural and progressive evolutionary development of the business."

"With the aim of further increasing our production capacity, moreover, we intend to continue investing both in HR, aiming to add new professionals to our workforce, and in technology by adding new machinery to our production lines."

Omer's stock is up 3.9 percent to EUR3.76 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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