(Alliance News) - Bifire Spa reported Wednesday that its board of directors reviewed preliminary key figures for fiscal year 2023, reporting revenues of EUR47.0 million up 6.8 percent from EUR8.8 million in 2022.

Ebitda was around EUR12 million, up 36 percent on FY2022, "a particularly positive figure in the difficult market environment in which Bifire operates characterized by declining demand mainly due to rising interest rates," the company specified in a note.

Ebitda margin reached a level of more than 25 percent, up from 20 percent in FY 2022. "The strong increase in profitability was mainly driven by management's constant efforts aimed at the continuous improvement and updating of production processes, which led to significant reductions in production costs," the statement reads.

Net financial position as of Dec. 31, 2023 was cash positive by about EUR1.4 million, an improvement over the substantial breakeven at the end of June 2023 and in line with the cash positive position of EUR1.5 million as of Dec. 31, 2022.

Bifire's stock trades in the green by 2.3 percent at EUR3.56 per share.

By Chiara Bruschi, Alliance News reporter

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