(Alliance News) - Destination Italia Spa announced on Monday that it recorded an improvement in all indicators in 2022, with the loss falling by 52 percent to EUR950,000 from EUR2.0 million in 2021.

Revenue soared, rising 266% to EUR27.1 million from EUR7.4 million in 2021.

In 2022, the group saw an increase in bookings from high-end tourists from the United States, Canada, Australia and many European Union countries, including Spain and the United Kingdom. Tourists from Latin America, first among them Brazil and Argentina, are also on the rise. The Middle Eastern market is stable, the Russian market is in sharp decline due to travel restrictions imposed because of the Russian-Ukrainian conflict.

With reference to macro areas, Europe is the leading region with 27%, followed by CIS countries with 22%, North America moved to 18% from 7.6% in 2021, Middle East with 17%, Asia-Pacific countries with 9.1%, and Latin America with 5.7%.

Ebitda remains negative but rises to minus EUR1.2 million from minus EUR1.60 million, increasing by 25 percent and also recording a 53 percent improvement over 2019, the last pre-covid year.

The company also points out that, unlike in 2021, the group did not make use of the social shock absorbers of the Cassa Integrazione in deroga for the entire 2022 fiscal year and that "the declaration of the end of the state of emergency to counter the Covid epidemic, arranged for March 31, 2022, was only announced on March 24, 2022, thus giving too short a period of notice to allow the operators in the sector to intercept the large tourist flows, who therefore favored other destinations."

Ebit also moved to a negative EUR1.2 million increasing 45 percent from a negative EUR2.2 million in 2021.

Net working capital, on the other hand, increased to EUR420,000 from EUR1.2 million in 2021.

Net financial debt is cash negative and equal to EUR1.4 million, compared to the cash positive figure of EUR340,000 million as of December 31, 2021, due to a reduction in consolidated cash and cash equivalents generated by core operations, not offset, as was the case last year, by the use of funds granted by the government to counter the pandemic.

Cash and cash equivalents as of December 31, 2021, the company points out, also benefited from the positive contribution from the proceeds of the IPO transaction, which took place in October last year.

The 2023 fiscal year, the note says, "also opens under the banner of optimism with an order backlog as of April 20 of about EUR23 million, an increase of 180 percent compared to the same date in 2022, thus confirming the goodness of the managerial strategies adopted by the Destination Italia Group."

Destination Italia's stock on Monday closed up 2.4 percent at EUR1.28 per share.

By Chiara Bruschi, Alliance News reporter

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