Gefran revenues reach 132.8 million euros in 2023

(Picture Linkedin Gefran)

Gefran Board of Directors unanimously approved the draft financial statements, the consolidated financial statements and the consolidated non-financial statements as at 31 December 2023. Revenues in 2023 amounted to 132.8 million euros, or 1.6 million euros (-1.2%) down compared to 134.4 million euros in 2022. Adjusted for the negative effect of exchange rate fluctuations, equal to 1.9 million euros, revenues would have been substantially in line with the previous year's figure (+0.2%).

The breakdown of revenues by geographical region shows a widespread drop in all the main markets covered by the group, with a decline particularly in the Italian domestic market (-1.9%). Revenues in America (-2.2% overall) and Asia (-1.8%) also shrank due to the impact of exchange rate fluctuations. In terms of business areas, the growth trend of revenues generated by the automation components business is holding on, recording +1% as of 31 December 2023 compared to the previous year, also thanks to residual revenues related to the sales of products for drives generated by companies excluded from the sale of the drives business unit. On the other hand, revenues from the sensors business unit fell by 2.8%, owing partly to lower sales in Italy and Europe and in parts of America, as well as to a decrease in orders for goods and services from the companies sold by the Gefran Group. 

(Picture Gefran)

Ebitda at 31 December 2023 was positive at 24.1 million euros (18.2% of revenues), yet down by 0.5 million euros compared to 31 December 2022 (it amounted to 24.6 million euroswith an Ebitda margin of 18.3%). Contributing to the decrease was the drop in revenues from residual sales of services and products for drives. Not considering this effect, there would have been an increase in the 2023 figure compared to 2022, equal to 0.2 million euros, thanks also to the lower operating and personnel costs compared to the previous year. The operating result (Ebit) at 31 December 2023 was positive at 16.6 million euros (12.5% of revenues) less than 17.5 million euros recorded in 2022 (13.0% of revenues). As regards the Ebitda, the change is the result of a decrease in value added, partially offset by lower operating and personnel costs, and further eroded by higher depreciation and amortisation costs compared to the previous year.

“The results achieved during 2023 are undoubtedly satisfactory and once again highlight the solidity of our group and its ability to reliably face and manage uncertain situations, while remaining sustainable and profitable. We closed the financial statements in line with forecasts, consolidating the margins and the economic and financial goals achieved in the previous year, despite a decidedly complex overall situation influenced by multiple factors, including inflation trends, geopolitical tensions, and the consequences of critical issues in the supply chain. The group's priority for the new financial year remains the development of the market, supported by organizational consolidation, new products and investments aimed at expanding our manufacturing operations. The outlook for 2024 is positive in terms of financial margins. As for revenues, at the beginning of the year, demand is following the trend of the last quarters of 2023 and is expected to be in line with the previous year. However, we don’t rule out a possible growth starting from the second half of the year as a result of a positive evolution of the macroeconomic background", commented Gefran's CEO, Marcello Perini (picture above left).