Safilo Group H1 2006 net profit jumps 42% to €21.8m

05 Aug '06

4 min read

The Group's financial position, which has increased slightly compared to the end of 2005 due to the seasonal nature of working capital, however highlights a management of the operating cash flow which is in line with the first half of the previous year.

The detailed data relating to the first six months of 2006 can be found in Annex 1 of this press release.

A conference call will be held this afternoon at 17.00 (CET) with analysts and investors during which the Group's economic and financial results will be illustrated.

New structure of the Board of Directors:

The Board of Directors, upon the proposal of the Chairman Vittorio Tabacchi, has appointed:

-- The new Board of Directors Member Claudio Gottardi, presently the President of Safilo USA Inc, as CEO;

-- The Board of Directors Member and current COO, Massimiliano Tabacchi, as co- CEO.

Vittorio Tabacchi, Chairman of Safilo Group, in commenting the results and new appointments to the Group's top management, stated: “Safilo Group is experiencing a particularly positive phase which is confirmed by the encouraging six- monthly data. Our effective business strategy and ability to successfully address the challenges presented to us by the market are confirmed by our increasing sales and profits which continue to grow substantially. Thanks to the results achieved we are in a position to strengthen our worldwide leadership position in the luxury eyewear sector.

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