Elica continues to invest in its future but the present, or perhaps it would be better to say the recent past, does not yet reward the courageous efforts of the Fabriano company. In the first half of 2024, turnover fell by 6.3% but on closer inspection the second quarter (- 4%) went better than the first quarter.
What has improved? Production for third parties (OEM) which grew by 9.3% in the second quarter also in the Engines segment thanks to new customers in America and sales of own brand products also in America. The weakness of demand depresses sales and margins especially in Europe and the Middle East where Elica generates 80% of its turnover. In the Cooking division, own brand sales fell by 10% between the first half of 2024 and that of 2023
“In the ventilation sector, market shares have increased. However, the margin declined from 10% in the first half to 7% in the second half. The company attributes this drop to a negative price mix and intense promotional activity, as stated in their press release. Additionally, the accounts for the first half were impacted by significant investments in rebranding, product repositioning, and participation in Eurocucina. Despite these challenges, the EBITDA decreased from 14 million in the first half of 2023 to 5.1 million in 2024. On a positive note, the margin appears to have improved from 1.5% in the first quarter to 2.8% in the second quarter,