(Alliance News) - Notorious Pictures Spa on Wednesday approved its results for the year ended Dec. 31, 2022, reporting a consolidated net profit of EUR4.4 million from EUR3.6 million in the same period last year.

The board of directors said it proposed a dividend of EUR0.1150 per share to the shareholders' meeting.

Consolidated revenues stood at EUR35.6 million from EUR26.3 million as of December 31, 2021.

Consolidated Ebitda is EUR17.6 million up 70% from EUR10.4 million in 2021 and with an Ebitda margin of 49.5%.

Consolidated Ebit was EUR5.6 million from an Ebit of EUR3.4 million in the previous year.

Consolidated net financial debt is EUR20.9 million from EUR18.0 million as of June 30, 2022.

Looking to the future, "in 2023 the production of 3 films is planned and by 2024 4 films are in development. A major focus will be on research and development of international films to feed global distribution channels. From May 2023, the new development and Serial Television Production department led by Benedetta Galbiati will be structured, and in June and July the editorial strategy will be presented to all potential principals," the company announced in a note.

"Waiting for a gradual return of audiences to the theaters after a 2022 with a market that recorded minus 52 percent compared to the three-year period 2017-2019, the theatrical distribution activity continues with the aim of creating value for the films already acquired, trying to optimize the launches and marginality of the individual theatrical channel. The company will attend Cannes, Toronto and American Film Market in Los Angeles to continue evaluating individual opportunities on the full rights acquisition front."

Notorious Pictures trades in the red 2.6 percent at EUR1.53 per share.

By Claudia Cavaliere, Alliance News reporter

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