(Alliance News) - ErreDue Spa reported Wednesday that it ended 2022 with a net profit down to EUR1.7 million from EUR2.3 million a year earlier.

Revenues rose to EUR12.3 million from EUR11.1 million a year earlier, with good growth but below expectations at the beginning of the period, which were downgraded by the war in Ukraine and the closure of the Russian-Ukrainian markets and neighboring countries, which had accounted for about 15 percent of revenues in the previous year.

The first margin is still improving compared to fiscal year 2021 and stood at EUR9.2 million compared to EUR8.9 million a year earlier.

Ebitda fell to EUR4.0 million from EUR4.4 million in 2021 while operating income dropped to EUR3.1 million from EUR3.1 million.

Net financial debt as of Dec. 31, 2022 is cash positive EUR17.4 million and includes proceeds of EUR15 million related to the IPO on the EGM market concluded on Dec. 6 compared to the item as of Dec. 31, 2021 also cash positive EUR4.0 million.

Equity is EUR27.5 million and includes the capital increase related to the listing of ErreDue on the EGM market compared to EUR12.6 million as of Dec. 31, 2021.

The board also appointed Francisco Velasquez as a new member of the board of directors, replacing Roberto Saletta who resigned.

ErreDue's stock closed Wednesday down 9.5 percent at EUR10.45 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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