(Alliance News) - Spindox Spa reported Friday that it ended 2023 with a production value of EUR99.8 million, up 21 percent from 2022.

Higher volumes in Manufacturing & Retail, Automotive and Diversified Industries, and successes achieved regarding cybersecurity services contributed.

The subsidiary Oplium Italia Srl, established in early 2022 and operating in the cybersecurity field, achieved a value of production of EUR3.2 million in 2023 compared to the amount of EUR1.0 million achieved in 2022.

Regarding the contribution to the increase in the 2023 value of production made by Deep Consulting, the latest company to join the Spindox Group, this amount was approximately EUR7.0 million.

Ebitda amounted to EUR7.2 million, an increase of 14 percent from the previous year, with a margin of 7.2 percent of the value of production from 7.7 percent at the end of fiscal 2022.

Net financial debt amounted to EUR2.9 million compared to EUR3.9 million recorded as of Dec. 31, 2022.

Spindox board chairman Paolo Costa commented, "The company closes 2023 with a remarkable performance from a revenue perspective. Even in the past year, we grew by more than 21 percent, which is much higher than the average in our target market. This further confirms us in our resolve to pursue, during 2024 and the following years, a strategy based on focusing on higher-value business and more effective use of our resources."

"Between January and February, we implemented major organizational changes, both at the level of the production units and the sales structure. We believe that this strategic reorientation, which is set to continue in the coming months, will have a positive impact on margins, especially in the second half of 2024. This does not mean giving up growth, but if anything, going after the most profitable growth opportunities, which are based on our distinctive technological competencies and what we do best."

Spindox closed Friday up 1.0 percent to EUR9.70 per share.

By Chiara Bruschi, Alliance News reporter

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