Gismondi 1754 is among the rare jewelery companies that provides information on its activity. The laudable policy includes the half-yearly results of the Genoese company, listed on Euronext Growth Milan. The consolidated half-yearly report as of 30 June 2023 indicates a production value of 8.05 million euros, with an increase of 11% compared to the 7.23 million of the first half of 2022. The wholesale channel grew in absolute value by 4% compared to the same period of 2022, mainly thanks to the increase in Europe (+1.4 million compared to the first half of 2022). As regards special sales, the first half of 2023 closed in line with the first half of 2022, while the franchising channel grew in absolute terms by 3% thanks to the new contract signed for the opening in Qatar.
The business performance in the first half of 2023 confirms the continuous and constant growth of Gismondi 1754, despite the international geopolitical instability and the recent economic data arriving from the Far East, in particular from China, which, inevitably, are already influencing the both American and European economies. Our development plan, for the second half of the year, will be focused on the consolidation of our positions in the USA and the Middle East, with the imminent opening of our first franchise in Qatar, and on the implementation of our wholesale network in reference markets such as ‘Europe, with a focus on Germany. The latter, together with Spain, represent a new market for us, recently opened with the VicenzaOro fair. As previously communicated, external growth is an objective of the Company and, after the acquisition of the Vendorafa brand, we are in fact evaluating other strategic operations to cover the entire value chain. I would like to point out that our growth will be supported with our own internal resources and I exclude the opening of capital to attract new finance.
Massimo Gismondi, CEO of Gismondi 1754
The half-yearly report also records an Ebitda (gross margin) at 30 June of 1.40 million, up 72% compared to the first half of 2022, with a margin of 17% in the first half of 2023 and a net growth compared to the previous year of 6%. The net financial position improves, which remains negative (5 million compared to 3 on 31 December last), due to “the significant increase in inventories” based on the new collections and the growth of sales channels. On the other hand, the consolidated net profit as at 30 June 2023 rose to 674 thousand euros, almost doubled compared to 374 thousand in the first half of 2022, thanks to the turnover volumes and the growth in margins on sales.