(Alliance News) - Enervit Spa reported Tuesday that first quarter revenues increased to EUR20.2 million or 7.9 percent from EUR18.7 million in the same period last year.

As the company explained, this growth was the result of different trends in the four business areas. In particular, Italy, with a percentage of total revenues of 81 percent, shows a growth of 10 percent compared to the first quarter of 2022. Overseas, with a weight on total revenues of 11 percent, showed a decrease of 24 percent compared to the same period in 2022, due to a time lag in Spain sales while the rest of overseas sales grew by about 12 percent compared to the first quarter of 2022.

The Third Party Processing channel, with a weight on total revenues of 2.3 percent, declined by 17 percent. Excellent performance of the Direct channel, driven by e-commerce sales, which, with a weight on total revenues of 5.9%, recorded 183% growth over the same period in 2022.

In addition, the board resolved to grant proxies and powers, appointing Alberto Sorbini, who also serves as chairman of Enervit, and Giuseppe Sorbini as the company's managing directors.

The board also appointed the remuneration committee in the persons of directors Ciro Piero Cornelli, who will be its chairman, Maurizio Cereda and Roberta Di Vieto, as members, and the committee for transactions with related parties in the persons of directors Chiara Dorigotti, who will be its chairman, Ciro Piero Cornelli and Yuri Zugolaro, as members.

The board also appointed Giuseppe Schiuma as a member of the single-member supervisory body.

Enervit's stock is trading at EUR3.14 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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