(Alliance News) - The board of directors of Spindox Spa on Monday approved the main consolidated economic and financial data for the first three months of fiscal year 2023, reporting a consolidated value of production of EUR24.8 million, up 31 percent compared to the same period of the previous year.

Two phenomena, in particular, contributed to the excellent performance: on the one hand, the increase in volumes recorded within the Automotive, Manufacturing & Retail and Mobility, Travel & Logistics product segments, and on the other hand, the marked increase in services provided in the area of IT security.

Consolidated Ebitda amounted to EUR1.8 million, up 21 percent compared to March 31, 2022, with a margin of 7.1 percent of the value of production compared to one of 7.7 percent in the first quarter of 2022.

"Spindox Group management expects a gradual and continuous improvement in margins during the following quarters of fiscal 2023," the company explained in a note.

Consolidated net debt as of March 31 was EUR3.1 million compared to a December 31, 2022 figure of EUR3.9 million. The EUR800,000 change is mainly attributable to the positive financial reflection of economic margins generated by operating activities.

Spindox closed in the green by 1.2 percent at EUR8.60 per share.

By Claudia Cavaliere, Alliance News reporter

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