(Alliance News) - Circle Group Spa reported Thursday that it recorded a value of production of EUR13.2 million in 2023, up 22 percent from EUR10.9 million as of Dec. 31, 2022.

Growth in revenues from proprietary software products, also offered in SaaS mode on a cloud platform, was even more pronounced than in the previous year and amounted to EUR3.2 million, up 100 percent from EUR2 million in 2022.

The decision taken already in late 2022, to reduce sales to the market of non-core and non-proprietary components, federated services and specialized consulting, was consolidated, given the focus on the most strategic and highest value-added components.

Ebitda was EUR3.2 million from EUR2 million as of December 31, 2022 while Ebit increased to EUR2 million from EUR1 million as of December 31, 2022.

Net income stands at EUR1.7 million from EUR800,000.

Net financial debt is in surplus and stood at EUR1.7 million from EUR1.8 million as of December 31, 2022, partly due to the completion of the Magellan Circle transaction, the Accudire capital increase, and the investment on proprietary products totaling EUR1.3 million.

Adjusted net financial debt -- added together with receivables from the EU, structurally deferred by EU rules -- is EUR4.1 million cash positive from EUR2.9 million as of Dec. 31, 2022.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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