Gismondi 1754: loss of €1.1 million in 2024, revenue down 13%

The jeweller Gismondi 1754 closed 2024 with a loss of €1,149,335, compared to €35,335 in 2023. As of December 31, 2024, Gismondi 1754 recorded a Production Value of €12,742,292, down 13% from €14,563,030 on December 31, 2023. In 2024, the Contribution Margin in percentage terms decreased by 5% due to the increased cost of goods sold (+2%) and decreased Production Value. EBITDA was negative at €709,156 despite reduced costs for services and fixed operating expenses due to the decline in revenue and the impact on Gross Margin (-2%). Consolidated EBIT dropped from €538,050 in 2023 to -€1,002,064. The consolidated Net Financial Position stands at €5,683,903 (debt), a slight reduction compared to €5,970,980 (debt) on December 31, 2023, thanks to improvements in working capital management and a decrease in medium/long-term financing. The consolidated Net Equity as of December 31, 2024, amounts to €10,262,423. As of December 31, 2024 (€3,015,980), the receivables exposure to customers decreased more proportionally than the revenue drop. Currently, there are no risks of non-recoverability. Inventories as of December 31, 2024, amounting to €11,509,741, decreased by 11% compared to €12,905,945 on December 31, 2023. This decrease is attributed to more efficient inventory management and a general reduction in purchases due to sufficient available stock. Trade payables decreased partly due to the lower revenue and partly due to inventory usage, resulting in reduced purchases. The Board of Directors has proposed the coverage of the loss with retained earnings to the Shareholders' Ordinary Meeting.

"Our revenue drop," said CEO Massimo Gismondi, "partly reflects the current situation and global economic dynamics that have affected purchasing habits in the luxury sector. However, our strategy remains to create exclusive jewellery, combining craftsmanship with technology to offer unique, innovative, high-quality products. This approach allows us to maintain a strong market position, meeting the needs of an increasingly selective clientele. We are approaching this phase with a mindful approach, focusing on cost rationalization and new growth opportunities in international markets, particularly in the Far East. We look to the future confidently, certain that our vision and commitment will continue to set us apart in the high-end jewellery landscape." (Editorial Staff)

Photo credit: Instagram Gismondi 1754