(Alliance News) - Laboratorio Farmaceutico Erfo Spa reported Thursday that the group's consolidated revenues as of Sept. 30 were about EUR4.7 million, up 23 percent from EUR3.8 million as of Sept. 30, 2022.

The number of Diètnatural-branded centers operating as of Sept. 30 was 121, including 11 direct centers. The number of centers in France under the Bodysano brand is 27 to which is added a direct center in Belgium. The group plans to soon open a Diètnatural franchise center in Belgium that will serve as a pilot for the development of the network in French-speaking countries. After completing market tests in Spain and in light of the data collected through the Diètnatural center in Madrid, also considering the experience made in the French market, the company is considering possible M&A operations in the Spanish market in order to accelerate international growth.

As of September 30, the adjusted Ebitda generated by the company was approximately EUR1.3 million, accounting for 28 percent of revenues. Adjusted Ebitda as of September 30 was broadly in line with the same period in 2022. The result achieved is very positive in view of the increase in overhead costs of EUR450,000 year-on-year, mainly related to the strengthening of the management structure and recurring costs related to listed status, which impacted only one quarter as of September 30, 2022.

The Adjusted Net Financial Position is cash positive and amounted to approximately EUR1.43 million, an improvement from December 31, 2022 and March 31, 2023, when it was approximately EUR1.0 million and EUR980,000, respectively, and substantially in line with EUR1.5 million as of June 30 this year. The company used cash for nonrecurring activities of EUR320,000, such as the launch of the buyback plan and the payment of the agreed consideration for the FarmaWow transaction.

"The figure highlights the company's ability to generate cash from core operations," the company explained.

Laboratorio Farmaceutico Erfo's stock is up 0.4 percent at EUR0.96 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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