(Alliance News) - Giglio.com Spa reported Thursday that it closed 2022 with a reduced year-on-year net loss to EUR2.3 million from EUR2.9 million in the previous year.

Gross merchandising value rose to EUR57.5 million or 38 percent from EUR41.6 million in 2021; sales and service revenues increased to EUR51.1 million or 35 percent from EUR37.9 million in 2021.

Active customers exceeded 125,000, up 22% from 2021, and the respective average annual spending per customer increased by 13%. In international markets, the share of GMV generated is close to 70%, up from 67% in 2021, mainly due to growth in MENA of 73% and South Korea of 66%.

Ebitda is negative EUR1 million from the previous year's negative figure of EUR1.8 million, with the boost to EBIT coming mainly from the second half of the year. Operating loss, on the other hand, decreased to EUR2.2 million from EUR2.7 million a year earlier.

Adjusted Net Financial Position as of December 31, 2022 totaled EUR11.9 million compared to EUR14.6 million as of December 31, 2021. This negative change can be attributed to two main factors: on the one hand, to operations, which still suffer from a condition in which costs are higher than revenues; and on the other hand, to the worsening of adjusted net working capital mainly due to trade payables, which have decreased, despite the growth in sales, as a result of the implementation of new business development policies.

"In 2022, we navigated an environment that proved even more challenging for our industry than the already critical 2020. I am proud to say that the team once again demonstrated the right determination and resilience to confirm significant revenue growth of 35 percent, coupled with a return to business profitability in the second half of the year. The turbulence that is affecting technology-intensive companies like ours calls for caution but this beginning of 2023 already shows encouraging signs that confirm our solidity," commented Giuseppe Giglio, chairman and CEO of Giglio.com.

Giglio.com's stock is unchanged at EUR3.18 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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