(Alliance News) - The board of directors of Equita Group Spa Tuesday approved financial results as of March 31, reporting consolidated net revenues of EUR17.1 million, down 11 percent from the same period last year.

Consolidated net income stood at EUR3.1 million from EUR3.8 million in the same period last year, with a margin of 18 percent.

Revenue from customer business stood at EUR15.0 million, down 16 percent from the first quarter of 2023.

"The performance in the first quarter was affected by the normal seasonality of the business and a market environment that appears to be gradually recovering but has not yet led to a material contribution across all business areas," the company's note reads.

The compensation/revenues ratio stood at 47.0 percent from 46.0 percent in the first three months of 2023.

The cost/income ratio stood at 75.7 percent from 71.7 percent in the first three months of 2023.

Consolidated shareholders' equity as of March 31, 2024 was EUR112 million, and the average return on tangible shareholders' equity - the ROTE - stood at 21 percent.

The group's level of capitalization "remains at significant levels, with an IFR ratio of around 3.6 times the minimum basic requirements from 3.8x in the same period last year," the note said.

Equita Group on Tuesday is flat at EUR4.10 per share.

By Maurizio Carta, Alliance News reporter

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