(Alliance News) - Eles Spa announced Tuesday that its board of directors reviewed pre-award figures for 2023 consolidated sales revenues, which were found to be EUR32.8 million, up 26 percent from EUR26.1 million in 2022.

Revenues from the Aerospace & Defense division amounted to about EUR10.7 million, up from EUR5.3 million in the previous period. Revenues from the semiconductor division grew by 6 percent in the period, "bucking the trend of the reference sector," the company says in a note.

"Automotive remains the main end market," the company points out, "and is substantially stable compared to the previous period, and on the same, new growth is expected in the sector from a reversal of the trend from the second half of 2024.

Francesca Zaffarami, Ad of Eles, said, "We close 2023 with strong growth and in line with our forecasts. Despite the challenging market environment, the Eles Group achieved significant growth during the year thanks to its positioning on mission critical applications and aerospace and defense. This marks the end of an important year from a business development perspective that lays the foundation for looking forward to 2024 with great confidence. After aiming for consolidation in 2022 and demonstrating the resilience of the new offering during 2023,we are now ready to seize the new growth opportunities, including external lines, that 2024 may present."

Eles' stock closed Tuesday down 2.6 percent at EUR1.34 per share.

By Chiara Bruschi, Alliance News reporter

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