(Alliance News) - Websolute Spa reported Friday that it closed 2023 with a net loss of EUR460,000, which compares with a loss of EUR520,000 in the previous year.

The value of production stood at EUR21.5 million, down from EUR22.8 million in 2022. The result is to be assessed in the socioeconomic environment in which the group's customers operate, which is strongly affected by the negative effects in all domestic and international commodity sectors originated by the Russia-Ukraine conflict as well as the war in the Middle East and also speculative tensions on the energy cost and inflation front.

Revenues from sales and services stand at EUR19.8 million compared to EUR21.5 million in 2022.

Ebitda rises to EUR2.5 million from EUR2.1 million, a margin of 12 percent from 9 percent in 2022, while operating income of EUR180,000 compares with an operating loss of EUR210,000 in the previous year.

In contrast, the pretax loss of EUR280,000 compares with the pretax liability of EUR310,000 in the previous year.

Net financial debt is EUR3.6 million compared to EUR3.2 million as of Dec. 31, 2022. In 2023, operating activities generated a decrease in cash and cash equivalents of EUR2.1 million, originating from the decision to reduce bank financial debt and the execution of debt payments for extraordinary M&A transactions, the purchase of treasury shares, and other investments made during the period. Thus, the data show a substantial and effective improvement in the group's ability to generate cash flow and improved capacity in terms of autonomy and independence due to the good and improved earnings performance as evidenced by the overall financial debt.

Websolute's stock closed Friday up 1.7 percent to EUR1.18 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

Comments and questions to redazione@alliancenews.com

Copyright 2024 Alliance News IS Italian Service Ltd. All rights reserved.