(Alliance News) - Simone Spa announced Tuesday that it closed fiscal year 2023 with a profit of EUR1.2 million up from EUR737,000 a year earlier.

Production value amounted to EUR18.9 million from EUR16.5 million in 2022, up 15 percent, thanks to strong growth in the professional legal segment. "In particular, Dike, which joined the group in 2022, enabled in 2023, the first full year of operations, the penetration of a market segment from which Simone was previously almost totally absent," the note reads.

Ebitda of EUR3.0 million increased 73 percent from EUR1.7 million as of Dec. 31, 2022.

Net financial position is cash positive EUR2.4 million from EUR1.0 million recorded at the end of 2022.

Current net financial debt expresses negative values - cash surplus - of EUR6.05 million. "This value demonstrates the company's ability to sustain further investments to support growth," the note reads.

When it comes to the rest of the current year, the company points out that the beginning of fiscal year 2024 was marked by the large number of public competitions announced by the public administration, which boosted the industry's turnovers.

"This positive trend, which has already started in 2023, is expected to continue through 2027," Simone further points out.

"We are happy to close our first financial statements as a listed company with excellent results, even better than those budgeted at the IPO stage," said Luca Misso, the company's CEO. "This not only proves the seriousness with which we presented ourselves to investors, but also the potential of a company that is able to make the most of market opportunities. The resources obtained from the IPO have increased liquidity, ensuring an ideal base for future investments that have been budgeted and are already underway."

Simone's stock closed Monday up 8.6 percent to EUR1.76 per share.

By Chiara Bruschi, Alliance News reporter

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