Intercos closed the first half of the year on a positive note. The Agrate Brianza-based company recorded net revenues of € 367.9 million, up by 17% compared to the first six months of 2021. The growth affected all geographical areas and business units, with the up which exceeded the pre-pandemic levels of 2019. The very positive trend in order entry also continues.
Adjusted Ebitda stood at 48.7 million, up 10.4%, thanks to the excellent sales performance and stable profitability of the make-up and skincare segments. The incidence on group net sales was 13.2%, a slight decrease compared to the first six months of 2021 due to a temporary lower profitability of the hair & body segment impacted by energy costs and the difficulties encountered on the supply chain. also adjusted net profit of 20.8 million (+ 54.4%).
“In a semester characterized by great geopolitical and macroeconomic difficulties, with marked inflationary pressures, severe anti-Covid restrictions in China and a global supply chain crisis that shows no signs of improvement, Intercos achieved excellent results both in the first and in the second quarter – comments the CEO Renato Semerari -. In particular, the second quarter recorded a record level of revenues and Ebitda. The capacity for innovation, the commitment of our team and the actions taken to cope with the inflationary impacts, have allowed the group to continue its growth trajectory and to maintain a substantially stable margin. This allowed us to carry out the planned investments in order to strengthen the structure in view of the numerous projects planned and a second half of the year expected to grow further ».
Looking at the performance by business unit, in the first six months of the year, make-up and skincare recorded revenue growth of 24% and 9% respectively, with an Ebitda growing at the same rate, thanks to the maintenance of levels of profitability in line with last year. «It should be noted – adds the CEO – that the skincare business unit has recorded excellent results despite the negative impact due to the prolonged lockdown that has plagued China, a market more exposed to this category. Finally, the hair & body, still mainly linked to a contract manufacturing model, is the business unit which, despite having reported positive results, was unable to grow in terms of Ebitda due to a less favorable product mix than last year. particularly high energy costs and a loss of production efficiency due to the supply chain crisis ».
And he concludes: «The results of the first half of the year once again confirm the validity of our business model, which, despite the numerous external variables, continues to demonstrate robust economic and financial data. The resilience of the beauty market, our ability to offer increasingly innovative products to the market, together with the diversification of the group’s sales in terms of geographical areas, types of customers, market segments and products sold, allows us to look to the future with confidence despite the instability of the global macroeconomic context ”.