(Alliance News) - The board of directors of Iervolino & Lady Bacardi Entertainment Spa announced Friday that it has reviewed and approved the group's final results for the first quarter ended March 31, having reported a profit of EUR2.5 million from EUR3.3 million in the same period last year.

On the revenue front, the quarter saw them at EUR32.5 million, up from EUR26.9 million as of March 31, 2022.

Ebit amounted to EUR3.2 million compared to EUR4.0 million as of March 31, 2022, down slightly "again due to the change in strategy already implemented in the last quarter of last year inherent to the sale of distribution rights of so-called 'family movies,' with the recognition of higher amortization," the company explained in a note.

The backlog, which amounted to EUR172.9 million as of Dec. 31, 2022, reached EUR186.9 million as of March 31 thanks to new orders for Tik Tok and 2023 animated films.

Andrea Iervolino, president and founder of ILBE, commented, "We closed a positive and profitable quarter, maintaining a considerable order book. Our equity strength is confirmed, although we are affected by seasonality and related payments concentrated in the quarter. I am very pleased to say that we continue to work at full speed on many projects, including innovative ones, thanks also to the consolidation recorded by the business in 2022, which was an extremely important objective for us."

ILBE trades in the green by 0.5 percent at EUR0.89 per share.

By Claudia Cavaliere, Alliance News reporter

Comments and questions to redazione@alliancenews.com

Copyright 2023 Alliance News IS Italian Service Ltd. All rights reserved.