Yahoo Finance Dexelance DEX Sees M&A Activity by End of 2024 Following Mixed H1
MILAN — Furnishings, lighting and contract group Dexelance, which recently changed its name from Italian Design Brands, said it continues to eye acquisitions despite market challenges worldwide.
“I hope and think we can at least do one M&A activity by the end of the year. Something will happen within the end of the year, maximum in the first quarter, at the beginning of 2025,” Dexelance chief executive officer Andrea Sasso said Monday during the company’s first-half conference call. Sasso added that the market listing last year raised the group’s profile and it continues to eye potential acquisitions
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Its first-half results were mixed. Dexelance saw net profit fall to 1.0 million euro versus 5.8 million euros in the first half of 2023 as it forged on with expansion plans worldwide. The company opened its first U.S. flagship in New York City last October that hosts dedicated showrooms for Meridiani and Davide Groppi. It also bought a majority share in Turri, a luxury furniture business founded in 1925 in Carugo on Lake Como, and increased its stake in Axolight last year.
Led by European sales and buoyed by fresh U.S. interest in its brands, the company saw sales rise 9.2 percent to 151.0 million euros compared to the same period in 2023. Falling contract sales were offset by the performance of the residential segment, particularly within its furniture, lighting, kitchen and systems business, which was up 16.4 percent in the first half.
Having listed on the Milan Stock Exchange in an unpredictable market, Dexelance’s shares have fallen considerably since the IPO in May 2023, when the shares debuted at 10.88 euros. At the close of trading in Milan on Monday, the shares were valued at 9.65.
“The stock exchange is penalizing small and medium-sized companies,” Sasso said, responding to questions posed by analysts during the company’s conference call.
The company’s net bank debt position as of June 30 stood at 12 million euros.
Home to upscale brands like Saba Italia, Gervasoni and Meridiani, IDB said earnings before interest, taxes, depreciation and amortization fell to 18.5 million euros, compared to 21.6 million euros in the same period of 2023. The EBITDA performance was also impacted by ongoing investments, marketing and sales activities aimed at pushing the growth of the distribution network and the positioning of the group’s galaxy of brands.
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