(Alliance News) - IRCE Spa announced Wednesday that its board of directors approved the draft separate and consolidated financial statements as of Dec. 31, 2022, having reported a profit for the period of EUR9.2 million from EUR9.4 million, down 0.1 percent from the same period last year.

The board resolved to propose to the shareholders' meeting the distribution of a dividend of EUR0.06 per share, ex-dividend date May 22, 2023 with record date on May 23, 2023 and payment date on May 24, 2023.

Consolidated revenue amounted to EUR454.7 million, down 0.5 percent from December 31, 2021 when it was EUR457.1 million.

Ebitda stood at EUR19.4 million from EUR23.2 million in the same period last year.

Ebit is worth EUR11.5 million from EUR14.4 million as of December 31, 2021.

The group's investments in the year 2022 amounted to EUR13.6 million and mainly related to IRCE, while the Net Financial Position as of December 31, 2022 was EUR59.9 million, down from EUR64.3million as of December 31, 2021.

"The result for the year was negatively affected by the continued growth in the cost of raw materials and especially electricity, which after the highs in the third quarter, has reversed the trend since October with declining values; the above was accompanied by a slowdown in demand, which in the winding conductor sector had already started in the first quarter but became more pronounced in the last quarter, while in the cable sector, the decline started in the third quarter and intensified in the fourth," the company explained in a note.

IRCE closed Wednesday in the red by 2.5 percent to EUR2.30 per share.

By Claudia Cavaliere, Alliance News reporter

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