Net profit for the six months to June 30 fell to 14.1 million euros ($15.1 million) from 29.1 million euros a year earlier
AMSTERDAM: Ferrari Group PLC (FERGR.AS), a specialist logistics provider for the luxury goods industry, reported a fall in first-half net profit, weighed down by a one-off provision linked to an Italian customs investigation.
The London-based company, however, reiterated its full-year guidance on Wednesday, citing a robust operational performance and an accelerating pipeline of new branch openings.
Net profit for the six months to June 30 fell to 14.1 million euros ($15.1 million) from 29.1 million euros a year earlier. The company said the decline was due to a 15.8 million euro risk provision for a voluntary settlement of a presumed tax liability with Italian Customs.
Stripping out this one-off item, normalised net profit stood at 27.7 million euros. CEO Marco Deiana said the decision to settle was “made in the best interests of the Company and its stakeholders,” adding that management expects the impact on full-year net profit to be fully offset.
On an operational level, the group saw sustained growth. Revenue rose 3.8% to 179.6 million euros, while Adjusted EBITDA – a key measure of underlying profitability – increased 4.4% to 47.7 million euros, with the margin improving to 26.6%.
“The resilience of our business model in a volatile market environment” drove the results, Deiana said in a statement.
Geographically, Europe was the main growth engine with revenue up 6.8%, while Asia saw an 8.5% decline due to weaknesses in China, despite positive trends in other markets like Japan and Korea.
The company, which successfully listed on Euronext Amsterdam in February, is pushing ahead with its global expansion. It highlighted a “strong pipeline” of new openings in Southeast Asia, including Indonesia, Vietnam, and the Philippines, and a new office in Saudi Arabia set to become operational in the fourth quarter.
Despite first-half revenue growth being “slightly below” its full-year trajectory, the group confirmed its 2025 targets, expecting revenue growth in line with 2024 and an Adjusted EBITDA margin of 26.5%.
($1 = 0.9344 euros)