Vespa maker Piaggio posts record margin despite 'anomalous' economy

(Reuters) - Italy's Piaggio, the maker of the iconic Vespa scooter, reported what it said was its highest ever annual core profit margin of 16.9% on Tuesday, citing tight productivity management.

That was despite a 12% fall in its 2024 earnings before interest, taxes, depreciation and amortisation (EBITDA) in absolute terms to 286.7 million euros ($302.4 million).

"The Piaggio Group achieved excellent margins in 2024 thanks to careful management of productivity in a highly anomalous economic situation," CEO Michele Colaninno said in a statement.

"2025 will be characterised by many variables but at the same time it will show an improvement compared with last year," Colaninno added.

Piaggio proposed a payment of final dividend of 4 euro cents for 2024, which would bring the total payout for the year to 15.5 euro cents per share.

($1 = 0.9481 euros)

(Reporting by Philippe Leroy Beaulieu in Gdansk; editing by Milla Nissi)