(Alliance News) - Franchetti Spa reported Monday that it ended 2022 with net income up 80 percent year-on-year to EUR1.2 million from EUR700,000 in the previous year.

Revenues from sales and services amounted to EUR4.7 million, up 20 percent from EUR4.0 million in the previous year. The improvement in revenues can be attributed to the growing demand for maintenance and resilience of major infrastructure. In particular, commercial efforts aimed at increasing penetration of the target market continued by entering into agreements with specific associations to which the major concession groups of roads and highways and related road and rail bridges and viaducts belong.

"An important growth component is also the PNRR, which, established in 2021, has EUR30 billion set aside for infrastructure maintenance," the company explained.

Ebitda amounted to EUR1.8 million, up from EUR1.2 million recorded in 2021, with a margin of 38 percent compared to 28 percent in 2021, a dynamic attributable to the production cost efficiency path undertaken. After expensing depreciation and amortization of about EUR200,000, operating income is EUR1.6 million, up 45 percent from EUR1.1 million in 2021.

Net financial debt is EUR150,000 in surplus compared to EUR600,000 in debt as of Dec. 31, 2021. Specifically, financial debt is EUR2.1 million compared to EUR1.6 million as of December 31, 2021. Shareholders' equity is EUR4.6 million, an improvement from EUR1 million as of Dec. 31, 2021.

Franchetti's stock closed Monday down 3.4 percent to EUR2.82 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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