(Alliance News) - G Rent Spa announced Monday that it closed fiscal year 2022 with a loss of EUR1.0 million compared to a loss of EUR642,000 as of Dec. 31, 2021.

Turnover in the year falls to EUR2.0 million, down 22 percent from EUR2.5 million in the same period last year.

As of Dec. 31, 2022, contribution margin stands at EUR450,000 from EUR253,000 in 2021.

Ebitda is negative EUR723,000, down from the already negative EUR439,000 as of Dec. 31, 2021.

Ebit is also down EUR1 million, worsening from that of EUR637,000 as of Dec. 31, 2021.

Positive Net Financial Position is down EUR1.2 million from December 31, 2021.

Looking to the future, the figures "should allow the continuation of business development and the continuation of the growth path started in 2022, the year still of 'start-up' of the post-listing activity that took place in May 2021. At the level of margins, the results will be affected, still for 2023, by the slower progress in the implementation of some projects and in particular of the Santandrea Top Property project, launched in early 2023 with the aim of creating a territorial structure in the Top Property sector also in the rent business," the company explained in a note.

"The result in 2023 is expected to improve. The management is working to define and implement all new and ongoing development activities also intervening on the consequent update of the cost structure in order to reduce the loss in the next financial year."

G Rent on Monday closed down 4.2 percent at EUR2.30 per share.

By Claudia Cavaliere, Alliance News reporter

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