Piovan: revenues over 570 million euros in 2023

The manufacturer of auxiliary equipment for the treatment of plastic materials, Piovan, recently announced its financial results for 2023 which confirm its solidity and growth. "2023 was another record-breaking year for the Piovan Group: despite the macroeconomic environment affected by numerous instability factors, such as the conflicts in Ukraine and the Middle East, our financial performance for the year confirmed our ambitious targets, with revenue exceeding 570 million euros, Ebitda close to 80 million euros and net profit close to 50 million euros. Ninety years after its founding and sixty years from the company’s entry into the polymers sector, we have now embarked on a journey to simplify the architecture of our brands, with the aim of developing the identity of the Piovan Group on the international market and supporting the effective integration of our group" stated Nicola Piovan, Executive Chairman of Piovan (picture above right).

"We are very pleased with the Group’s performance, which - despite a market weakened by high interest rates levels - has continued to gain market share thanks to a strategy of constantly looking for new opportunities. Exemplified by the recent strengthening in India with the acquisition of a majority stake in Nu-Vu Conair and the continued expansion in emerging markets", added Filippo Zuppichin, Chief Executive Officer of Piovan.

In summary, the economic performance of the group in 2023 compared to 31 December 2022 is as follows: Total consolidated revenues and other income of 570.5 million euros, +7.4% (+4.6% on a like-for-like basis); Ebitda of 78.4 million euros, +27.3% compared to 61.6 million euros in fiscal year 2022; consolidated adjusted Ebitda of 78.9 million euros (13.8% of revenues and other income), +25.8% (+23. 6% on a comparable basis and excluding certain non-recurring items); consolidated operating profit (Ebit) of 68.6 million euros (12% of revenues and other income), up 32.2% from 51.9 million euros in the previous year; consolidated net profit of 48.9 million euros, up to 14.1 million euros (+40.5%) from the previous year. Earnings per share are 0.97 euros at 31 December 2023 (0.68 euros at 31 December 2022).

By market area, sales of the Technical Polymers Area totalled 430.1 million euros with solid performance in all regions. The increase (+8.3% compared to 31 December 2022) is due to higher investments in new technical materials, increased investments in the automotive sector, where the transition to electric models requires increasingly advanced polymers and growth in components for medical applications. As regards geographic areas, sales in North America increased by 10%, driven by market share gains and consistent performance of refrigeration and heat transfer products, with Thermal Care leading the way; Asia recorded +22.2%, driven by market share gains and the Group's development of the Indian market; overall solid performance in Europe with continued market share gains; lastly, sales in South America were up +14.1% thanks to a satisfactory backlog at the beginning of the year.