Italian design firm Dexelance bolsters its shares as it reports a first quarter drop in net profit and forges on with expansion.
In a statement Monday, the firm said the purpose of the buyback is in part to facilitate trading in the shares themselves in times of low liquidity and also equip the company with a portfolio of treasury shares to be used for strategic transactions. The buyback program will run from Tuesday to Dec. 31.
Having listed on the Milan Stock Exchange in an unpredictable market, its shares are down slightly since the IPO. In May 2023 the shares debuted at 10.88 euros and were at 10.82 euros at the close of trading in Milan on Monday.This hasn’t stopped Dexelance from proceeding with its mission to expand.
In the first quarter of 2024, Dexelance saw revenues rise 10.4 percent to 72.7 million euros compared to the same period last year, helped in part by the recent acquisition of Axolight and Turri. Its luxury contract business was a main catalyst for sales in the three-month period ended March 31 and was up 7.6 percent in the first quarter. Its net profit fell to 0.3 million euros compared to 1.4 million euro in 2023.
During a conference call on Monday with analysts, Dexelance’s chief financial officer Alberto Bortolin said profitability is down due to the firm’s investment plans underway. “Profitability was lower than the previous period because we are investing in projects and people and commercial activities around the world, not only the U.S., not only Milan.”Zendaya and Tyla Win While Lauren Sanchez Falls Flat: The Best and….
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