Panariagroup reports double-digit growth in first half of 2015

Panariagroup has posted excellent results in the first half of 2015. The financial report approved by the Board of Directors to 30 June 2015 shows a double-digit increase in net revenues to 175 million euros (up 19.9% on the first half of 2014). Profitability also improved sharply with EBITDA up to 16.4 million euros (+74%), while EBIT and consolidated net profits returned to positive territory (6.7 and 3.3 million euros respectively) after the negative results to 30/6/2014.

These good results stem from a strong performance in all the key regions in which the group operates. In the United States, the largest market accounting for 37% of the Group's total revenues, turnover in dollars rose by 15% compared to the first half of 2014.

Next came the European market at +8%, with particularly strong results in Portugal (+24%), Germany (+30%) and Eastern Europe (+25% excluding Russia).  

In marked contrast to the continuing sector-wide downturn in sales in the Italian market, the group posted a strong performance here too with 11% turnover growth and a gain in market share. The Italian market accounted for 21% of total revenues.

The other markets - Asia, South America, Oceania and Africa - also grew by 11%.

 "The forecasts for revenues and margins made at the end of 2014 have been confirmed in this first half of the year," said Panariagroup's Chairman Emilio Mussini. "We have posted outstanding results both for sales, which far surpassed our own expectations, and for capital ratios, including a sharp improvement in net working capital to sales ratio and the ratio between Net Financial Position and Gross Operating Margin."

The group continues to have a positive outlook for the second half of 2015 with superior results to 2014, although the levels as the first half of 2015 are unlikely to be maintained. The group has also confirmed its intention to continue its technology investments to ensure higher production efficiency and to maintain the positioning of its brands in the high-end market. These investments totalled more than 12 million euros in the first half of 2015 alone.