The Board of Directors of Piovan S.p.A. approved the consolidated financial results for the first half of 2024. Total consolidated revenue and other income amounted to € 287.5 million, -0.9% compared to the first half of 2023. Adjusted Operating Profit was € 22.9 million in H1 2024, 8% of total revenue (+10.6% compared to H1 2023). Consolidated Adjusted EBITDA is € 38.8 million (13.5% of revenue and other income, +3.0% compared to Adjusted EBITDA in H1 2023). Consolidated Operating Income (EBIT), excluding the effects of IPEG's Purchase Price Allocation ("PPA") and NuVu's provisional PPA, was € 33.3 million (11.6% of total revenue and other income, +2.4% compared to 30 June 2023). Negative Net Financial Position improved: € 56.891 million compared to 30 June 2023 when it was negative at € 102.578 million. Earnings per share as at 30 June 2024 amounted to €0.54.
In summary, the financial results of the PiovanGroup in the first half of 2024 are good, especially in terms of profitability due to the increase in market share and the integration of the acquired companies. The company shows resilience in turnover and continues to improve profits, both as a percentage of turnover and in absolute value, in a macroeconomic framework that is still unstable but improving. A strength is the Group's international presence, with subsidiaries and production sites, in a variety of geographic areas - including those undergoing major development - and in diversified sectors. Great support is provided by the global sales and service network.
“The results obtained in this first half of the year – in a macroeconomic context characterized by great uncertainty – confirm once again the strength of PiovanGroup, which, thanks to its global presence, its attention to customers and the focus on innovation, has been able to confirm its positioning. These qualities are the same ones appreciated and shared by Investindustrial, the international partner with a strong entrepreneurial spirit that will accompany our Group on its future path of growth” - declares Nicola Piovan, Executive Chairman of Piovan S.p.A.
“We are very satisfied with the Group's performance in this first half-year and confident that the coming months will show a further acceleration in our financial performance, given the positive trend in orders collection in recent months that have allowed us to continue gaining market shares” - adds Filippo Zuppichin, Chief Executive Officer of Piovan S.p.A.
Revenue by business segment
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Technical Polymers Area: -4.3% with a 4% recovery in Q2 and an improving trend (revenues in this area are 75.9% of the total). The decrease is due to a weak market since mid-2023, caused by high interest rates, with higher impacts on consumer goods and construction. The Recycling sector suffers from European regulatory uncertainty, which is now improving. Automotive (10% of total) and Fibre sector revenues, which had decreased in 2023, increased.
- Food & Industrial Applications Area: +25.3% compared to H1 2023. Revenues reflect acceleration in the development and production of major projects. Order intake, at an all-time high, and an increased customer base point to improvements in the second half of the year in the Food segment.
- Dienstleistungen: +2.9% compared to the same period of the previous year, maintaining the good performance shown during 2023 and reflecting the benefits of the Group's strategy focused on growth in this segment.
There was a significant recovery in order intake in Q2 2024, indicating an increase in market share. The backlog remains constant compared to the end of December 2023, higher than the Group's historical averages.