(Alliance News) - Growens Spa reported Tuesday that it ended 2023 with revenues down 2.5 percent year-on-year to EUR75.1 million from EUR77.0 million in the previous year.

SaaS revenues rose 16 percent to EUR10.2 million from EUR8.8 million while CPaaS revenues fell 6.4 percent to EUR62.9 million from EUR67.3 million a year earlier. Other income doubled to EUR1.9 million from EUR914,365.

Gross profit increased 19% to EUR14.8 million from EUR12.5 million and Ebitda was negative EUR588,710 from positive EUR1.4 million in the previous year.

Operating loss widens to EUR3.7 million from EUR1.4 million a year earlier, pre-tax loss increases to EUR2.7 million from EUR1.6 million in 2022, and net loss worsens to EUR3.0 million from EUR1.0 million. Excluding divestments made during the year, Growens would record a net profit of EUR53.1 million, which would compare with a net loss of EUR2.6 million a year earlier.

The Consolidated Net Financial Position as of December 31, 2023 is negative - thus, cash - by EUR42.1 million and is substantially non-comparable with cash of EUR66,000 as of December 31, 2022. The change is influenced in particular by the extraordinary proceeds from divestments completed during 2023, amounting to approximately EUR69 million, as well as the outlay of approximately EUR18 million for the purchase of 2.6 million ordinary treasury shares as part of a partial voluntary public offering.

The effect of the adoption of IFRS 16 accounting standard on rent, lease and hire costs results in a notional debt item of approximately EUR1.3 million. Cash and cash equivalents and similar as of Dec. 31, 2023 amounted to about EUR45.4 million while about EUR4.6 million was tied up as escrow and similar as is customary in the settlement of similar extraordinary transactions, in particular, to secure certain obligations related to the sale of the ESP business to TeamSystem.

Growens' stock closed Tuesday up 1.1 percent at EUR5.66 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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