In 2019, Azimut will exceed the target set by the business plan of 300 million net profit. The company confirmed this at the investor day in London, during which the chairman Pietro Giuliani commented: “300 million net profit 5 years ago seemed challenging, today they are a foundation on which to build. Azimut, which has always been a first mover on the market thanks to its independence and its ability to innovate, today sees itself strengthened by the choices made to diversify with respect to the mature Italian market: emerging countries and alternative investments. Two pillars of the new industrial plan that we will soon be presenting to the market”.
In the update on the growth strategy and business lines after the appointment of the new board of directors, Azimut announced that the business abroad recorded consolidated revenues of 2018 million in 120 (+27% compared to 2017) and 35 million EBITDA (+67% compared to 2017). It should be underlined that business abroad and in emerging markets weigh more and more on the company which now holds almost 30% of total assets outside of Italy and has operational offices.
Furthermore, the group underlined that it has already submitted to the Luxembourg supervisory authority a new methodology for calculating variable commissions on Luxembourg funds, which will result in a significant reduction in variable costs for clients, as well as significantly modifying the economic.
Looking to 2024 and awaiting the next industrial plan which will be presented to the market within the next 12 months, the new management team illustrated the growth strategy in the alternative investment sector, which is increasingly interesting in the current economic-financial scenario, with the role of the Azimut Libera Impresa initiative, focused on investments in unlisted companies: within 5 years this sector will account for no less than 15% of assets managed by the Azimut Group.
Driven by the good news from London, Azimut shares gained 4,2% in Piazza Affari, achieving one of the best performances of the Ftse Mib (+1,5%).
