(Alliance News) - FOS Spa announced on Wednesday its preliminary figures for the consolidated financial statements as of December 31, 2023, which include sales revenues at EUR23.4 million, up 27 percent from EUR18.4 million as of December 31, 2022.

This result was possible thanks both to organic growth, partly driven by the generation of revenues from new technological solutions from R&D projects and proprietary platforms, and to growth due to the consolidation of NAeS Solutions Srl, acquired on September 26, 2022, whose revenues as of December 31, 2023 were EUR5.8 million compared to the 2022 figure of EUR1.7 million, consolidated for only three months.

The Consolidated Net Financial Position as of December 31, 2023 is cash positive EUR340,000 compared to the December 31, 2022 cash positive EUR40,000 figure.

The improvement in NFP, the company says, stems mainly from the results achieved by the group in terms of business; however, this cash generation is also affected by the impact of the buy-back activity carried out in the reporting period for about EUR100,000, the outlay incurred during the capital increase of the start-up Mr. Pot Still for EUR100,000 in addition to extraordinary charges incurred for about EUR100,000.

FOS stock closed Wednesday down 1.9 percent at EUR3.16 per share.

By Chiara Bruschi, Alliance News reporter

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