(Alliance News) - Caleffi Spa reported Wednesday that it closed 2023 with a profit of EUR1.9 million down from EUR2.3 million in 2022.

Revenues increased to EUR59.1 million from EUR59.3 million in the previous year.

Ebitda amounts to EUR5.3 million from EUR6.3 million in 2022.

Ebit increases to EUR2.9 million from EUR3.7 million in the previous year.

Net financial debt is EUR14.7 million from EUR12.8 million as of Dec. 31, 2022.

Guido Ferretti, CEO of Caleffi commented, "The fiscal year 2023 results, which are fully in line with what was previously communicated to the market, should be read in the light of a complex economic situation at the national and international level."

"The geopolitical and economic context of the fiscal year," Ferretti continues, "between the post-pandemic rearrangements in the demand for goods, the escalation of conflicts in the Ukrainian region first and then in Israel, inflation and restrictive monetary policies, have led to a significant slowdown in terms of GDP and the level of household consumption. In this challenging scenario, we have maintained our sales and our national leadership unchanged, with the Caleffi brand's market share standing at 8.3 percent."

Caleffi's stock trades in the green by 1.8 percent at EUR0.90 per share.

By Chiara Bruschi, Alliance News reporter

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