(Alliance News) - Esautomotion Spa reported Friday that it had revenues of EUR27.6 million in the first nine months of the year, up from EUR25.3 million in the same period last year.

In the last quarter, however, the group's revenues of EUR8.9 million were down compared to the trend 2022 and the first half of 2023, "but represent, nevertheless, a good result, in view of the trend, due to the generalized pessimism and uncertainty of the world markets," the company specified in a note.

The Consolidated Net Financial Position of minus EUR1.5 million 459,000 cash positive takes into account the acquisition of 65 percent of the share capital of Sangalli Servomotori Srl in July, which involved an outlay of EUR5.5 million and the incurrence of a debt for the future purchase of the remaining 35 percent of EUR3.5 million.

In comparison with the NFP as of June 30, amounting to minus EUR9.6 million, this is an improvement of EUR883,000.

It should also be noted that there are 213,000 treasury shares in the company's portfolio with a value of approximately EUR976,000 at the October 26 listing,

Gianni Senzolo, CEO of Esautomotion, commented, "We are working, as we have in times of uncertainty in past years, to expand further on markets and products that create opportunities. The opening of a subsidiary in the U.S. and one in Turkey, as well as the expansion of the product range resulting from the acquisition of Sangalli Servomotorirepresent the appropriate reaction to aim, however, for growth."

Esautomotion's stock is down 5.0 percent at EUR4.35 per share.

By Chiara Bruschi, Alliance News reporter

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