(Alliance News) - The board of directors of Cellularline Spa on Wednesday reviewed and approved the draft operating and consolidated financial statements as of December 31, reporting a profit of EUR3.6 million from a loss of EUR75.2 million in 2022.

Revenues amounted to EUR158.6 million from EUR137.6 million in 2022, thanks to the positive contribution of the most important product lines, both in the domestic and international markets.

Adjusted Ebitda is EUR20.8 million from EUR16.6 million in 2022.

Net financial debt as of Dec. 31 was EUR35.4 million from EUR40.4 million as of Dec. 31, 2022.

The BoD resolved to propose to the shareholders' meeting the distribution of a dividend totaling EUR0.13 per share to be paid partly in cash for EUR0.087 per share and partly through the allocation of treasury shares held in the portfolio in the ratio of 1 share for every 64 ordinary Cellularline shares for a total maximum of 329,420 shares.

Marco Cagnetta, director and General Manager Sales and Marketing of the Cellularline Group, commented, "We are very pleased with the growth of the business during 2023. Revenues have reached levels never seen since the listing and more than half of them were generated abroad, a sign that our efforts to grow and internationalize the group are paying off. Thanks to business development and careful control of overhead costs, we achieved an adjusted Ebitda that exceeded EUR20 million by approaching EUR21 million, a level we have not reached since the pre-Covid era. Despite the particularly challenging macroeconomic environment in early 2024, the company remains confident regarding its medium- to long-term growth targets."

Cellularline's stock closed 2.1 percent in the red Wednesday at EUR2.81 per share.

By Chiara Bruschi, Alliance News reporter

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