March 7, 2018 / 5:03 PM / a year ago

Italy's Cucinelli pledges further rise in dividends and pay-out in 2018

MILAN, March 7 (Reuters) - Italy’s Brunello Cucinelli pledged on Wednesday to further increase dividends and pay-out this year after proposing to pay investors 0.27 euros per share on 2017 results.

The luxury group, known for its plush cashmere, added it expected its net financial position to be close to parity in 2018 and further improve next year while making “significant” investments.

“We closed 2017 with results that were ‘particularly beautiful’ with a constant path of growth, which is moderate but solid year after year..,” Chief Executive and Chairman Brunello Cucinelli said in a statement, confirming he expected double digit growth in revenues and profits for this year.

Cucinelli posted an 11.8 percent rise in 2017 core profits and a 13.4 rise in net income, excluding benefits obtained through tax benefits called ‘Patent Box’.

The group paid a dividend of 0.16 euros per share on 2016 results.

Reporting by Giulia Segreti; editing by Francesca Landini

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