(Alliance News) - TXT e-solutions Spa reported that its board of directors on Thursday met to approve operating results as of March 31, reporting a net profit of EUR2.9 million, up 40 percent from EUR2.1 million in the first quarter of 2022, net of tax charges of EUR1.1 million. Profit as a percentage of revenues was 5.6 percent in Q1 2023, down 1.2 percentage points from Q1 2022.

Revenues amounted to EUR52.3 million up 71 percent from EUR30.5 million in Q1 2022. On a like-for-like basis, the company explains, revenues grew by 11 percent and acquisitions contributed EUR18.4 million. Total international revenues amounted to EUR9.7 million, representing about 19 percent of total revenues in Q1 2023.

Ebitda amounted to EUR6.8 million, up 52 percent from Q1 2022 when it was EUR4.5 million, after increasing commercial and management costs of EUR4.6 million in Q1 2023.

Ebit was EUR4.5 million, up 39.1 percent from Q1 2022 when it was EUR3.2 million.

Consolidated adjusted net debt as of March 31, 2023 was EUR8.1 million, down EUR11.9 million from EUR20.0 million as of December 31, 2022 due to cash generation from operations and absorption of net working capital. Cash outflows include EUR3.4 million related to the purchase of treasury shares.

In addition, the board appointed Enrico Magni as chairman and Daniele Misani as CEO.

TXT e-solutions stock trades in the green by 0.5 percent at EUR19.48 per share.

By Chiara Bruschi, Alliance News reporter

Comments and questions to redazione@alliancenews.com

Copyright 2023 Alliance News IS Italian Service Ltd. All rights reserved.