(Alliance News) - Digital Magics Spa and LVenture Group Spa reported their preliminary results for 2023 in a joint statement on Monday, following the approval by their respective shareholders' meetings last December of the merger of Digital Magics into LVenture.

Digital Magics ended 2023 with a loss of between EUR5.5 million and EUR5.1 million, compared to a loss of EUR1.2 million in 2022.

Revenues in 2023 are expected to be between EUR4.8 million and EUR5.3 million, which compares with EUR4.4 million in 2022.

Ebitda is negative and between EUR950,000 and EUR800,000, compared to EUR160,000 in 2022.

Ebit is negative and between EUR1.8 million and EUR1.6 million, while it was minus EUR512,000 as of December 31, 2022.

Net financial debt is negative EUR1.8 million from negative EUR3.0 million in 2022.

LVenture Group, on the other hand, as shown in the preliminary results approved last January 12, ended 2023 with a loss of EUR3.2 million to EUR2.9 million.

Revenues amounted to EUR6.4-6.7 million approximately in line with EUR6.5 million in the previous year.

Ebitda is negative, expected between EUR2.3 million and EUR2.2 million while Ebit is expected between minus EUR2.8 million and minus EUR2.5 million.

Net financial debt is EUR4.5 million from EUR4.8 million as of Dec. 31, 2022.

Digital Magics' stock closed Monday in the red by 1.8 percent to EUR2.15 per share while LVenture ended the session in the red by 2.3 percent to EUR.025 per share.

By Chiara Bruschi, Alliance News reporter

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