(Alliance News) - STAR7 Spa reported Tuesday that it ended 2022 with net income up 25% year-on-year to EUR3.1 million from EUR2.5 million in the previous year.

In 2022, STAR7 Group's revenues reached EUR83.3 million, putting it up 41 percent from EUR59.0 million in 2021; also significant was the 14 percent increase from 2021's pro forma revenues of EUR72.8 million, which take into account the acquisition of LocalEyes and The Geo Group for 12 months.

The positive trend was also confirmed in the second half of the year, with revenues of EUR43.6 million: with this result, STAR7 reconfirmed the double-digit annual growth trend that has characterized its development from 2000 to the present, with a weighted average annual growth rate of 19 percent for the period between 2013 and 2022.

Ebitda increased significantly to EUR15.1 million from EUR8.3 million in 2021, rising 83 percent. The comparison with the 2021 pro forma Ebitda of EUR12.8 million is an equally positive figure as it again represents a double-digit increase, that is, 18 percent.

In 2022, Ebit reached EUR7.3 million, an increase of 84% compared to the approximately EUR4.0 million in 2021 and 33% compared to the pro-forma Ebit of EUR5.5 million, while absorbing depreciation and amortization increased by 85%, resulting from the investments made to strengthen the group structure.

As of December 31, 2022, the STAR7 group's Net Financial Position was negative EUR35.1 million, up EUR3.2 million from the end-of-2021 figure but down from EUR37.4 million as of June 30, 2022. The NFP to Ebitda ratio has thus decreased to 2.3 times from 3.9 times in 2021.

"The outlook for the future continues to be positive and the scouting activity for the identification of strategic targets to be acquired to continue the growth path especially in the international arena continues. The growth strategy by external lines will be pursued following a strict discipline aimed at value creation; STAR7 can moreover rely on the funding sources represented by available liquidity and future cash generation," the soceity explained.

STAR7's stock is down 1.1 percent at EUR9.44 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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