MILAN — Brunello Cucinelli SpA logged in another year of growth, closing 2019 with a normalized net profit of 49.3 million euros, up 7.1 percent compared with 46 million euros in the previous year. This excludes benefits derived by the Patent Box benefits totaling 5.6 million euros last year and 5 million euros in 2018.
In the 12 months ended Dec. 31, sales rose 9.9 percent to 607.8 million euros compared with 553 million euros in the previous year.
Earnings before interest, taxes, depreciation and amortization rose 11.5 percent to 106.1 million euros, with a growth by 20 basis points, reaching 17.4 percent of the total.
Defining the year 2019 as “excellent” the namesake entrepreneur, chairman and ceo of the group, said “We are leading our company with balanced apprehension and collective commitment as we try to implement all of the indications provided by the World Health Organization and our government, fully sharing their strategies and anxiously awaiting reassuring news from the scientists around the world,” in a reference to the coronavirus outbreak in Italy. “With the very same dedication, we are taking care of the relationship with our Italian external production chain that represents something special for us and for our beloved nation, fully aware that what is happening to the economy is something conjunctural that will soon be solved and does not resemble the deeply structural 2008 recession that weighed upon us for years.”
Touting “excellent results” derived by the fall 2020 orders, Cucinelli said “we look toward 2020 with a positive attitude; we are fully aware that the coming year will call for a very careful reading and we will see it as separate not affecting our 2019-22 plan and 10-year 2019-2028, in which we expect to double our turnover and achieve healthy, balanced and sustainable profits.”