Italy's Technogym stops exports to Russia, closes stores

Technogym

23/03/2022 14:46

March 23 (Reuters) - Italy's Technogym  TGYM.MI  has halted
its exports to Russia as the conflict in Ukraine lingers, the
Italian fitness-equipment maker said on Wednesday after
reporting its full-year results.
    The company said its Russian unit Technogym ZAO, whose
revenues make up for about 2% of the group's total, had closed
its local retail sales points.
     The group, which supplies sports events such as the
Olympics and Formula 1, added its operations in Ukraine are
currently conducted only through a local distributor and for
"immaterial volumes".
    Full-year adjusted net profit rose 18% to 51 million euros
($56.02 million). Its total revenues stood at 611.4 million
euros against 509.7 million euros a year ago.

($1 = 0.9104 euros)

 (Reporting by Federica Urso, editing by Maria Pia Quaglia)
 ((Gdansk.newsroom@thomsonreuters.com; +48 58 7696600;))