(Alliance News) - Somec Spa reported Wednesday that it closed 2023 with a net loss of EUR10.4 million, which compares with a net loss of EUR500,000 in the previous year.

However, the company pointed out that the net result was impacted by nonrecurring events and the valuation of the put & call option on an acquired company that is performing above plan expectations.

Revenues rose 13 percent to EUR371.0 million from EUR328.8 million a year earlier, with strong growth in the Trades division, up 37 percent year-on-year.

Ebitda declined to EUR18.2 million from EUR23.2 million, impacted by two nonrecurring, circumscribed extraordinary items.

Net financial position, excluding the effects of IFRS 16 accounting standard, stood at EUR60.1 million from EUR54.3 million in 2022, up EUR5.8 million mainly due to earn-out payments in Fabbrica and Budri, dividend distribution to minority shareholders of EUR3.1 million, and the impact of debt revaluation for put & call on the subsidiaries Budri and Skillmax.

Before the effects of IFRS 16, NFP amounts to EUR84.3 million in 2023 from EUR81.9 million in 2022.

Somec's stock is down 2.7 percent to EUR16.15 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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