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Piaggio reports record H1 results, confirms guidance and investments

Reuters
·1-min read
Vespa Primavera scooters are parked outside the Piaggio Museum during the celebrations to mark the 50th anniversary in Pontedera

(Reuters) - Italy's Piaggio reported higher sales and a record core profit in the first six months of 2023 as volume growth in the EMEA and Americas regions more than compensated for a slight downturn in Asian.

The producer of the iconic Vespa scooters posted 1.17 billion euros of sales, an increase of more than 11%. It generated 191 million euros at EBITDA level, a 25.6% improvement compared with last year and the highest ever first-half result for the group.

The Tuscany-based group confirmed its 2023 guidance, citing productivity improvements.

"For the rest of the year, all our factories will be applying the management productivity system that has enabled us to achieve larger profit margins without substantial price increases," Piaggio CEO Roberto Colaninno said in a statement.

"We shall continue to move ahead with the investments set out in our strategic plans for electric mobility and ESG issues," he added.

(Reporting by Luca Fratangelo; Editing by Keith Weir)