Elica closes the third quarter with a contraction of ‘only’ 1.1% thanks to the excellent performance of the Engine Division (+9%) which gained market share in Europe. The bet on Cooking is slow to pay off: in the January-September period, despite the award-winning models of the Nikolatesla and Lhov lines, sales fell by 4% (very weak demand in Europe, improvements in the USA).

The balance of the very difficult first nine months of 2024 sees a drop of almost 5% in turnover, down to 342 million euros and margins in line with expectations. The Fabriano group does not give up and finances an intense promotional activity and investments in its own brand lines with careful cost control. The margin on revenues in the first nine months was 7.2% against 10.4% in 2023.