(Alliance News) - Growens Spa on Tuesday reported that the board met to review some consolidated financial data for the first quarter of fiscal 2024, which closed with gross profit up 9 percent on the same period a year earlier to EUR3.2 million, accounting for about 19 percent of revenues, while pre-tax profit was negative EUR1.1 million from negative EUR987,000 in the first quarter of 2023.

Consolidated total revenues for the first quarter of 2024 decreased from EUR17.3 million to EUR16.9 million with a slight decrease of minus 2% compared to the same period of the previous year: this result is supported by the growth of the SaaS component, amounting to 17%, for an incidence of more than 16% on total revenues, offset by the decrease of 7% in the CPaaS line, for an incidence of 82% on total revenues.

Consolidated Ebitda for the first quarter of 2024 is negative by about EUR700,000 down from the same period 2023 figure.

"The decrease in this figure in both absolute and relative values is due to the acceleration of investments in Sales&Marketing and R&D in view of the development of Beefree," the company writes in the released note.

Agile Telecom's margins show a decline due to increased intercompany costs and decreased activity of a major customer.

The Consolidated Net Financial Position as of March 31, 2024 is about EUR36.3 million in cash, lower than the cash balance of EUR42.1 million as of Dec. 31, 2023, "mainly due to cash outlays related to certain working capital dynamics referable to Agile Telecom, the increase in investments in Beefree, as well as some payments of significant amounts incurred by Growens at the beginning of 2024 but still referable to the previous year," the press release states.

Growens closed Tuesday's session in the green by 3.0 percent at EUR7.50 per share.

By Maurizio Carta, Alliance News reporter

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