Italian Design Brands, an industrial group active in high-end design, lighting and furniture, closed the 2023 financial year with reported revenues equal to 287,4, a strong increase compared to 199,4 million in 2022, and full revenues equal to 310,8 million, an increase of 16,6% compared to the 2022 pro forma figure and with organic growth, therefore excluding the contribution of Axolight and Turri, equal to 3,9%.
Despite the persistence of elements of macroeconomic and geopolitical instability, to which was added the ongoing conflict in the Middle East, almost all of the group's companies closed the year with turnover at historic highs. The incidence of exports remains stable at 74%, confirming the European area as the main foreign market for the Group's products, followed by North America.
“The overall turnover figure for the furniture and lighting market highlights a year-end forecast of a decline of 3,4% for the Italian Furnishing Macrosystem2 and of substantial stability compared to 2022 for the global Core high- quality design furniture & homeware market”, underlines the company in a note.
Idb also explains that 2023 was characterized on the one hand by a progressive normalization for the Furniture, Lighting and Kitchen & Systems areas, which had recorded important growth rates in the two-year period 2021-2022 and, on the other, by aexcellent performance of the Luxury Contract area, which achieved a total turnover of 85,2 million, higher than the record of approximately 71 million euros in 2019.
Ebitda rose by 10,3%, profit remained stable
The reported ebitda of the group rose from 31,7 million in 2022 to 52,1 million on 31 December 2023 while full adjusted EBITDA is equal to 54,3 million, up 10,3% compared to 2022 (of which organic +1,5%). There marginality percentage is equal to 17,5%, an incidence which, excluding the effect of Axolight and Turri, would have been equal to 18%.
The reported net profit reached 28,1 million, while thefull adjusted net profit is 25,6 million in line with the year 2022 and with a percentage impact on total revenues of 8,2%.
La net banking position as of 31 December 2023 it amounted to 14,2 million. “Also considering the payables for earn-outs and the purchase of minority shares through the exercise of put&call options, the net financial position becomes equal to 87,1 million, mainly medium-long term. This figure, added to the 33,7 million in debts deriving from the application of the IFRS 16 accounting standard, generates a net financial position total of 120,9 million,” concludes the group.
