(Alliance News) - SosTravel.com Spa reported Tuesday that revenues as of Dec. 31, 2022 are EUR17.1 million, registering a robust 50 percent increase over the pro-forma 2021 figure of EUR11.4 million.

The increase is due both mainly to increased sales of vacation packages - reservation services and Private Label - and the provision of proprietary lost luggage concierge services.

The improvement in Ebitda to EUR23,000 from the negative figure of EUR27,000 as of December 31, 2021, is mainly due to the increase in sales and a careful policy of containing structural costs, although it did not grow in proportion with revenues due to higher merger costs with Digital Destination Company Srl and higher marketing expenses for the launch of Private Label offers in Sardinia and Kenya.

The 2022 net loss of EUR616,000 is an improvement from the loss of EUR1.2 million in the previous year.

Net financial position as of December 31, 2022 shows cash of EUR29,000 and is down from the pro forma figure as of December 31, 2021 by EUR1.8 million, mainly due to costs incurred for the merger of EUR479,000 and from changes in working capital for the remainder.

The 2022 budget reflects the effects of the merger with Digital Destination Company.

Board Chairman Rudolph Gentile said, "The 2022 financial results confirm that the vision of creating Italy's largest digital travel platform is working. More and more travelers are booking vacations on our online platforms and using travel technology services through our apps."

SosTravel.com's stock is trading at EUR1.05 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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