(Alliance News) - Notorious Pictures Spa announced Thursday the approval of its consolidated financial statements as of Dec. 31, 2023, a year ended with a net profit of EUR2.1 million from EUR4.4 million a year earlier.

Revenues amounted to EUR33.5 million, down 5.8 percent from EUR35.6 million in 2022.

Ebitda amounted to EUR12.6 million, down 29 percent from EUR17.6 million in the previous year. This decrease is attributable to a reduction in Pay TV rights sales not offset by a similar reduction in operating costs, which increased by 31% instead.

Ebit is EUR1.5 million, down from EUR5.6 million in 2022.

Net financial debt is EUR37.1 million from EUR21.4 million as of Dec. 31, 2022 and EUR27.3 million as of June 30, 2022.

As for 2024, "the manufacturing business continues to expand and strengthen, representing a strategic pillar for the company's growth and positioning in the industry," the company explains.

Currently, several projects are underway in the field of both films and TV series. By 2024, the production of three films and the development of at least one TV series is planned. "A focus is maintained on the research and development of English-language content aimed at the international market. The company is also organizing to increase its attractiveness to international production services in order to expand production volumes and potential strategic partnerships," the company continues in the note.

Notorious Pictures' stock closed Thursday in the red by 0.8 percent to EUR1.18 per share.

By Chiara Bruschi, Alliance News reporter

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