JJ Ballvé Sports, which does business in padel as Nox, had a spectacular FY 2022, its revenues shooting up 162.6 percent year-on-year, from €10.6 to a record €27.8 million. Now FY 2023 seems to have come as a correction, the brand’s revenues retracting year-on-year by 7.8 percent, to €25.6 million, as CMDsport reports. (All figures exclude VAT.)
But the sum is far above anything in the company’s past. From 2016 to 2020 revenues ranged from €2.0 to €5.6 million.
Meanwhile, net income for FY 2023 amounted to €4.49 million, down 32 percent from the previous year’s record figure.
JJ Balvé Sports remains under the management of founder and CEO Jesús Ballvé Cuesta but has been under the majority ownership of GPF Partners since February.
