(Alliance News) - Finlogic Spa reported Thursday that first quarter revenues rose 34 percent year-on-year to EUR20.3 million from EUR15.1 million in the same quarter a year earlier.

Without including the two companies taken over during 2022 in the accounts, revenues would mark a 12 percent increase to EUR16.9 million from EUR15.1 million.

The bullish trend in revenues of the Labels division, the group's core business, continues, marking a significant increase of 19 percent over 2022, while the Technological Products division follows the positive trend in labels and registers a growth of 54 percent, as does the Services and Support division, characterized by technical support activities and consulting and software services, which marks a significant growth of 206 percent. The significant performance of the Technological Products and Services and Support divisions is influenced by the consolidation of Alfacod and Ase, which specialize in the marketing of this type of product.

Dino Natale, managing director of Finlogic: "The group's performance even without the two acquired companies is satisfactory and marks a growth of 12%, these results are mainly derived from important synergies and cross selling and up selling activities, as well as investments in production capacity made in 2022 that give support to the Labels division. The year starts off on the right foot despite the signals coming from the market highlighting the continuation of inflationary dynamics at high levels that has resulted and will result in a global contraction in consumption."

Finlogic's stock closed Thursday at parity at EUR11.95 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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