(Alliance News) - IDNTT Spa reported Wednesday that it ended 2022 with revenues up to EUR9.9 million from EUR8.5 million in the previous year.

Including the accounts of In-Sane, a company taken over in mid-November, pro forma revenues are EUR19.6 million.

"Despite the complex global scenario due to the effects of the pandemic, the Russian-Ukrainian war, the sudden spike in inflation and the monetary tightening, IDNTT managed to confirm the growth trend thanks to the consolidation of relations with all major clients and the acquisition of new international orders on multi-year contracts, maintaining the high quality of the services offered, monitoring costs thanks to the flexibility of the model and nurturing the growth strategy with respect to extraordinary operations," the company explained.

Ebitda stands at EUR2.7 million and shows growth of 8.3 percent compared to EUR2.5 million in fiscal year 2021. Profitability is confirmed at high levels with a margin of 27 percent, albeit down from a margin of 29 percent in 2021 due to costs associated with the start-up of foreign operations and the hiring of new professionals useful for the group's growth in size. The incidence of cost of sales is reduced due to more efficient management of orders with the development of MarTech software solutions.

After depreciation and amortization of EUR400,000, in line with 2021, Ebit stood at EUR2.3 million, up 8.4 percent from EUR2.1 million in the previous year.

The IDNTT group ended fiscal year 2022 with a net profit of EUR1.4 million, slightly lower than EUR1.7 million in 2021.

Net financial debt shows a positive cash position of more than EUR1.9 million compared to EUR2.8 million as of Dec. 31, 2021, which benefited from EUR2.5 million capital increase at the IPO. The 2022 figure also includes extraordinary cash out of EUR2.1 million due to the acquisition of 60 percent of the share capital of In-Sane and EUR300,000 of buyback and "testifies, therefore, to a profitable management of the group's growth in size without generating tensions in financial management but on the contrary increasing cash and cash equivalents by about EUR600,000."

IDNTT's stock closed Wednesday down 0.6 percent at EUR3.60 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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