Glissando Garden Center - growing business and profit in the first three months of the year

Glissando Garden Center, a company specialized in the trade of flowers, plants, gardening items and plant protection products, achieved a turnover of 7.2 million lei in the first three months of the year, 39% more than in the same period from 2023 and a net profit of 0.74 million lei, up 430%, according to the company's report published yesterday on the website of the Bucharest Stock Exchange (BVB).

Glissando Garden Center's activity is based on the sale of goods through its two own stores, which have a total presentation area of over 6,800 square meters. Operating expenses amounted to 6.04 million lei, an increase of 34.3% compared to those in the first three months of last year, the highest being expenses for goods, amounting to 4.8 million lei, in 41.7% increase compared to the first three months of last year.

Under these conditions, the company reported an operating result of 1.19 million lei, 70.91% above those of the similar period of the previous year. The net profit margin was 10.24%, up 3.7 times compared to the first three months of 2023, which reflects efficient management of the company's resources, according to the company's report.

The shares of Glissando Garden Center debuted yesterday on the AeRO Market of the Bucharest Stock Exchange, having, at 17:00, a price of 0.54 lei, which gives the company a stock market valuation of about 22.7 million lei, in the range of 20.9 million lei - 37.6 million lei, estimated by the intermediary Goldring in the listing document. "With the listing on the Bucharest Stock Exchange, the management of the company aims to implement strategies to attract investors and use capital market mechanisms as sources of financing to support expansion plans and the implementation of development projects", the report stated yesterday of the company from BVB.

Currently, Ioan Biianu owns 80.1% of Glissando Garden Center, the remaining 19.9% being free-float. According to the information in the document, in the next six months from the listing, the majority shareholder undertakes to support the liquidity of the share by putting up for sale shares representing up to 10-15% of its own holdings, depending on market conditions.

For this year, Glissando Garden Center has budgeted business of 26.5 million lei, which will increase to 33.8 million lei next year and to 43.4 million lei in 2026. The net profit is estimated at 1.06 million lei in 2024, respectively 1.35 million lei in 2025 and 1.74 million lei the following year, according to the information in the listing document.