Cucinelli meets forecast with 11 pct rise in adj core profit

Italian luxury goods group Brunello Cucinelli reported on Thursday an 11 percent rise in full-year core profit net of extraordinary items and said revenues would rise double-digit this year.

Cucinelli's earnings before interest, tax, depreciation and amortisation (EBITDA) came in at 69 million euros, bang in line with a Thomson Reuters estimate and up from a 2014 EBITDA of 62 million euros net of the proceeds from a property sale.

Net profit also met expectations at 33 million euros, rising 5 percent from 2014 when excluding the one-off capital gain.

The EBITDA margin however declined to 16.7 percent of revenues from 17.5 percent a year earlier.

Cucinelli said it expected to start generating cash from 2016 with a gradual positive impact on net debt.

The company will pay a dividend of 13 euro cents up from 12 euro cents last year.

Cucinelli reported in January a 10 percent rise in 2015 revenues at constant exchange rates. Sales were up 16 percent when including the boost from currencies.