In the first half of 2023, Esprinet’s sales fell by 13%, going from 2.2 billion in the first half of 2022 to 1.9 billion euros. The Spanish market in particular suffered (-19%) and, to a lesser extent, the Italian market (9%).
Commenting on the results, Alessandro Catani, CEO of Esprimet, noted that “the first half of the 2023 financial year represents an important confirmation of our transition strategy towards a greater weight in value-added solutions and services.” This is true, but solutions account for only a fifth of total sales while sales of more important segments such as “displays” (PCs, tablets, smartphones) fell by 21% and profitability was halved.
Profitability is the most negative data among the accounts reported by Esprinet. Some results were achieved on the working capital front but the increase in interest rates was felt on debt (the group has negative cash of $200 million) and on factoring discounts. Net profit fell by two-thirds from 18 to 6 million and currently represents 0.3% of total sales. EBITDA fell by a third from 38 to 25 million, and the board was forced to revise its estimates for 2023, lowering them to 70-80 million.
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