(Alliance News) - CY4Gate Spa reported on Friday that its board of directors reviewed some preliminary figures for 2023, which include orders of EUR73 million up 22 percent from 2022.

Revenues increase to EUR65.0 million up 20 percent from the final 2022 figure and in line with the pro-forma full year 2022 result.

"The year 2023 was characterized by uncertainty and instability especially in the foreign market, with a sharp slowdown in negotiation activities in the last month of the year," the company specified in the note.

"Nevertheless, the company has continued to invest to expand its product portfolio and to structure itself to meet future challenges in relation to a significant increase in opportunities."

Preliminary revenue results, the company adds, "confirm that the company's strategic vision and ambition, supported by significant M&A that took place in the two-year period 2022 - 2023, are leading towards a progressive consolidation of Cy4Gate's leadership position in Italy and abroad, despite the postponement of an important foreign order in Cyber intelligence worth a total of EUR13 million, awarded in mid-December but whose conditions precedent were realized in January, for which negotiations are still ongoing to finalize the final contract."

Emanuele Galtieri, CEO & General Manager of Cy4Gate Group commented: "The year 2024 will see us pursuing important growth objectives in particular in the cyber security segment for the domestic Corporate market and in increasing export shares, knowing that we can count on a broader portfolio of companies and products resulting from positively concluded M&A transactions, not least in order of importance the acquisition of XTN, last January, which will allow us to open new business frontiers on banking, gambling and automotive, completing the offering with state of the art technologies able to address challenging broad spectrum cyber security requirements."

CY4Gate's stock closed 0.3 percent in the red at EUR7.44 per share.

By Chiara Bruschi, Alliance News reporter

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