(Alliance News) - Eurotech Spa reported that it closed 2023 with a net loss of EUR3.1 million compared to a loss of EUR1.6 million in 2022.

Revenues fell to EUR93.8 million from EUR94.3 million while, at constant exchange rates, there would be a 3.6 percent year-on-year increase.

The first margin increased to EUR44.4 million from EUR42.4 million, accounting for 47.4 percent of revenues from 45 percent in 2022; Ebitda dropped to EUR5.3 million from EUR6.3 million, and the company reported an operating loss of EUR2.4 million, which compares with an operating profit of EUR700,000 a year earlier.

As of December 31, 2023, the group had a Net Financial Position with a net debt of EUR20.6 million compared to net debt of EUR14.4 million as of December 31, 2022. The change in NFP was mainly driven by the increase in working capital, which in turn was correlated with the reduction in trade payables.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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