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S. Maria di Sala, Venice
Press release

  • Consolidated revenues and other income amounted to €141.1 million or +30.7% (+15.4% on a like-for-like basis).
  • Consolidated net income is €9.5 million up €2.5 million (+36.0%).
  • Consolidated Adjusted EBITDA is €15.8 million (11.2% of revenues and other income) up 17.9% (+8.9% on a like-for-like basis and excluding certain nonrecurring items).
  • Group objectives confirmed: increased contribution to the Circular Economy, with products and solutions dedicated to the recycled chain, growth through acquisitions and increase in the Food & non-Plastic area.

The Board of Directors of Piovan S.p.A met today and approved the financial information as of March 31, 2023. In the first three months of this year, the PiovanGroup's revenues amounted to € 138.9 million, up 31.9 % from € 105.3 million in the same period last year. Operating income amounted to € 9.5 million, up from € 7.0 million in 2022. As a percentage of total value, revenues and other income were 6.8 % (6.5 % in the first quarter of 2022). Earnings per share as of March 31, 2023 is € 0.21, compared to € 0.14 as of March 31, 2022.

Revenues by market
Plastic Area: +39.7%. Growth mainly concerns the Automotive sector, thanks to investments in new electric models, and the Circular Economy sector, which is closely related to recycling and packaging with recycled material, areas in which the PiovanGroup is a world leader.
Food & non-Plastic: sector slightly down compared to the first quarter of 2022 due to the timing of the development of some projects that will materialize in the coming months of 2023, especially in the North American market.
Services: strong growth of +36.6% is in line with the Group's strategic plan for this market, which is considered key.

Revenues by geographical area
North America: revenues up with good performance of the subsidiary Pelletron US and in the food area, thanks also to the positive effect of the EUR/USD exchange rate.
Asia: up 76.4%, with important orders at the end of 2022 and beginning of 2023.
Europe: the European market is affected by the fact that the largest projects in the Food area being executed, although developed in Europe, have North America as their destination.
South America: up 34.8%.

European legislation will also push for the use of recycled plastics and compostable polymers in the future
For the PiovanGroup, it is an opportunity to sell the unique technologies developed in recent years aimed at the automation, processing and screening of recycled and compostable plastics. The Group's leadership is also supported by recycling-related patents that place it in a position of competitive advantage at the technological level. Since 2006, the Group has built more than 350 plastics recycling plants and thousands of plants that enable new products to be made from recycled plastics. At present, the company estimates that about 28.7 % of the automations sold in the packaging, fiber and recycling sector are used for the use of recycled material.

PiovanGroup is active in the process of change by operating on different levels and engaging in proposing solutions to the market for a circular economy, especially in the research and development of advanced technological innovations to enable customers to use recycled polymers and obtain an high quality, low environmental impact product to reduce CO2 emissions and consumption of the planet's scarce resources.

For a full reading of the financial results, please see the price-sensitive press release available here.