(Alliance News) - Esautomotion Spa reported Monday that it achieved consolidated revenues of EUR35.5 million in 2023, up 4.3 percent from EUR34.1 million in 2022.

In the second half of the year, the company explained in a note, group revenues of EUR16.2 million were down from the 2022 trend and the first half of 2023. In the second half of 2023, the company points out in a note, "the tendency of customer companies to exceed orders to suppliers over requirements due to fears of component shortages came to an end. The sharp slowdown aimed at clearing their excess inventory slowed Esautomotion's revenues in the second quarter."

Positive Net Cash Position is minus EUR3.4 million, down from minus EUR10.8 million as of Dec. 31, 2022. Net of disbursements for the extraordinary transaction of the purchase of Sangalli Servomotori, the company points out, the NFP would be an improvement of EUR1.2 million from December 31, 2022.

Gianni Senzolo, CEO of Esautomotion, commented, "We are working, as we have in times of uncertainty in past years, to expand further on markets and products that create opportunities. The opening of a new subsidiary in the U.S. and one in Turkey, as well as the expansion of the product range resulting from the acquisition of Sangalli Servomotors represent the appropriate reaction to aim, however, for growth. The end of the component shortage period will allow the improvement of working capital parameters and logistics costs, enabling an improvement in cash flow."

Esautomotion's stock on Friday closed in the green by 2.4 percent at EUR4.31 per share.

By Chiara Bruschi, Alliance News reporter

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