(Alliance News) - Cofle Spa reported Friday that consolidated sales for the first quarter of 2023 were EUR17.1 million, up 19 percent from EUR14.3 million in the same period of 2022.

Walter Barbieri, president and CEO of Cofle, commented, "Looking ahead to the remainder of the year, we will continue to maintain the focus on research and development to expand the electronics and mechatronics business and meet the demand for increasingly innovative solutions. These days we are present at the Agrishow in Brazil, one of the world's largest exhibitions dedicated to agricultural technology, and the signs are very positive, reasonably leaving us to expect a very strong sales performance in the remaining months of the year."

"At the same time, we are aiming for greater cost optimization through the imminent opening of a new logistics plant, which will also enable better inventory management thanks to the implementation of AI software for demand forecasting. In addition, advanced M&A transactions are being scouted, aimed at acquiring companies that will enable the expansion of the offer by developing cross-selling and up-selling synergies," the CEO concluded.

Cofle's stock closed Thursday at par at EUR11.00 per share.

By Chiara Bruschi, Alliance News reporter

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