(Alliance News) - The board of directors of Promotica Spa reviewed and approved the group's consolidated results as of December 31, 2023, closing with a net profit of EUR3.4 million compared to EUR3.2 million as of December 31, 2022.

Sales revenue was EUR84.5 million compared to EUR89.9 million achieved in 2022.

"Sales performance was mainly affected by delivery delays due to the closure of the Suez Canal, which forced goods from China to circumnavigate Africa resulting in an average delay of 20 days on normal delivery dates," the company wrote in the released note.

Industrial margin was EUR27.9 million compared to EUR25.5 million with the margin as a percentage of sales improving to 33.0 percent from 28 percent in the previous year.

Net financial debt as of December 31, 2023 is a liability of EUR25.5 million compared to EUR18.2 million as of December 31, 2022.

Promotica closed Tuesday's session flat at EUR2.00 per share.

By Maurizio Carta, Alliance News reporter

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