(Alliance News) - Valica Spa announced Tuesday that it has approved consolidated financial statements as of Dec. 31, reporting an improving loss to EUR30,000 from a negative EUR180,000 in 2022.

Revenues amounted to EUR5.2 million, up 86 percent from EUR2.7 million as of Dec. 31, 2022, due to the consolidation of the investee Fytur SRL, which started operations in January 2023.

Ebitda is EUR700,000 from EUR200,000 a year earlier. Revenue margin rises to 14 percent from 8.7 percent in 2022.

Ebit is EUR72,000 from a negative EUR118,652.

Net financial debt amounts to EUR378,726 down from EUR850,171 a year earlier, due to cash injected with the listing transaction that took place in September 2023 and the payment of bank debts according to assigned amortization schedules, the note says. No new financial debts were taken on during 2023 than those already outstanding in 2022.

As for the future, the group "is focused on consolidating its leadership in the mar-tech services market in the tourism and food and wine sector by strengthening its internal structure," the statement said.

Emiliano D'Andrea, chief executive officer of Valica Group, commented, "In an economic environment that has been further complicated by the events of Oct. 7, 2023, the group has nevertheless continued its growth by realizing about 100 percent on all economic fundamentals compared to 2022. With the listing on Euronext Growth Milan, we are working so that 2024 can also give us further satisfaction to make our business model more and more solid."

Valica's stock closed Tuesday at a par at EUR5.70 per share.

By Chiara Bruschi, Alliance News reporter

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