(Alliance News) - Intred Spa reported Wednesday that it ended 2023 with revenues of EUR50.1 million, up 10 percent from EUR45.5 million.

The increase in revenues was mainly supported by sales of fiber connections of EUR30.4 million, up 16 percent from last year. Services with recurring fees, the company's core business, accounting for about 85.2 percent of revenues, amounted to EUR42.6 million, up 8.7 percent.

The "churn rate" on turnover remains at levels well below the market benchmark and is 4.4 percent, "confirming the high level of customer loyalty to the company," Intred said.

Regarding the Schools Calls, more than 3,300 schools were activated at the end of last year, with total revenues in 2023 of more than EUR8.7 million compared to EUR5.9 million in 2022. The owned fiber network grew by 25 percent from 9,500 kilometers as of Dec. 31, 2022 to more than 11,700 kilometers at the end of 2023.

Daniele Peli, co-founder and CEO of Intred, said, "2023 closes with a significant growth in revenues, thanks mainly to the effort the company has dedicated to the development of the fiber network throughout the Lombardy region and the activation of FTTH users, with a particular focus on the Schools Calls. We are pushing the expansion of the fiber network and sales in all provinces of the region, and positive signals have come especially from sales to the local PA and the Professional sector."

"During the year, we also launched new marketing activities and hired new sales people to enhance the infrastructure investments made, especially in the northwest areas of the region, where our presence was historically marginal."

Intred's stock closed Wednesday up 0.5 percent at EUR11.00 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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