(Alliance News) - Vantea SMART Spa reported that it closed 2023 with a net profit of EUR590,000, up sharply from EUR240,000 in the previous year.

In 2023, the Vantea SMART Group recorded a value of production of EUR11.8 million, up 7.6 percent from the previous year, when it stood at EUR11.0 million. Revenues were EUR9.6 million, up 2.7 percent from the previous year, when they stood at EUR9.3 million. The difference in growth between the two figures stems from the fact that, in 2023, the company chose to allocate a significant part of the production factors to the development of its own sw products, refraining from allocating them directly to the market.

Ebitda was EUR2.5 million compared to the previous year's figure of EUR1.6 million. Net of nonrecurring items, adjusted Ebitda rose from EUR1.9 million in 2022 to EUR2.5 million in 2023, registering a 33 percent growth, with the Ebitda margin increasing from 20.1 percent to 26.1 percent, among the highest in the IT services industry. The growth is substantially due to the completion of the restructuring of the subsidiary ESC 2 Srl, which brought its margins in line with that of the parent company.

Ebitda was EUR998,000 compared to the previous year's figure of EUR820,000. Net of nonrecurring items, adjusted Ebit went from EUR1.1 million in 2022 to EUR952,000 in 2023, registering a decrease of 11 percent, due to a provision of EUR500,000, set aside to mitigate the risk of possible negative value adjustments to the equity investments of the companies that have left the deconsolidation scope.

Net financial debt went from a 2022 cash deficit of EUR4.3 million to a 2023 cash surplus of EUR1.7 million. The increase of nearly EUR6 million stems mainly from the sale of tax receivables, for net proceeds of about EUR4 million, and the discontinuation of the flow of investments to investees deemed no longer strategic.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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