Bologna-based leather goods group Piquadro has approved its annual consolidated financial results as of March 31, recording a net profit of €6.5 million in fiscal 2022-23, up by over 46% over the €4.4 million reported the previous year, writes ILM.

With net revenue growing by 17.5% to €175.6 million, Piquadro improved operational efficiency from 10% to 15% (a 50% increase) and boosted sales profitability by about 10%, while its overall profitability margin rose from 7.5% to 10.6%.

Group EBIDTA reached €27.7 million, while adjusted EBITDA was €15.4 million. EBIT also recorded an improvement, reaching €11.9 million, with adjusted EBIT at €10.8 million.

From the €175 million revenue generated in fiscal 2022-23 by the Piquadro group – owner of the Piquadro, The Bridge and Lancel brands – over €80 million came from the Italian market, where revenue was up by 16.3%. The group’s net financial position was €18.3 million in the negative, while its adjusted net financial position was €22.8 million in the positive.

“In the current, uncertain economic background, the group’s management is confident it will continue along its growth path by leveraging the group’s strong financial and equity solidity, and its continuous commitment to research and development, to further improve the group’s current profitability,” said Piquadro.