(Alliance News) - Espe Spa reported Wednesday that it closed fiscal year 2023 with a profit of EUR1.6 million up from EUR200,000 in the previous year.

Value of production increased to EUR59.4 million from EUR45.1 million as of Dec. 31, 2022 while sales revenues amounted to EUR42.7 million from EUR36.5 million in 2022.

Ebitda increases to EUR4.2 million from EUR1.2 million in 2022 and Ebit is EUR2.8 million from EUR500,000 in 2022.

Net financial debt was EUR1.8 million, an improvement from EUR4.8 million as of Dec. 31, 2022, "due to the completion of certain orders and the related optimization of operating cash flow management," the company points out.

The order backlog as of December 31, 2023 stood at EUR49.7 million from EUR53.6 million as of June 30, 2023. As of March 27, the order backlog amounted to EUR86.3 million and comprised about 86 percent of orders for ground-mounted photovoltaic systems that will be completed by the first half of 2025.

Espe closed Wednesday in the green by 0.3 percent to EUR3.82 per share.

By Chiara Bruschi, Alliance News reporter

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