(Alliance News) - STAR7 Spa reported Thursday that the group's preliminary revenues in 2023 stood at EUR104 million, registering 25 percent growth from EUR83.3 million as of Dec. 31, 2022.

The company explained that "the key element of the significant development in 2023 can be identified in the synergy between the organic and external growth component that Service Line Engineering has been able to express, following the lease of the CAAR group's business unit, which started on January 1, 2023," as the company explained in a note.

Lorenzo Mondo, president and CEO of STAR7 commented, "The year 2023 testifies, once again, to STAR7's ability to grow at double-digit rates, regardless of economic cycles: an uninterrupted path of development, from 2000 to the present, that is based on a consistent implementation of the strategic design. In fact, over time we have gained an increasingly international presence, going to intercept the most attractive growth opportunities in the different markets, and assumed an increasingly focused profile on that part of the product information business that is upstream in the value chain."

"In 2023, our commitment was not only focused on the growth side. In fact, it is clear to us that the real game for STAR7 is played on the margin front. The cost rationalization process that the integration of CAAR required is currently being completed with full success. This will allow us, in 2024, to also capture at the margin level the benefits of the dimensional and positioning leap made during 2023."

Star7 is flat at EUR6.60 per share.

By Claudia Cavaliere, Alliance News reporter

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