(Alliance News) - Intred Spa reported Tuesday that the first quarter ended with revenues up 13 percent year-on-year to EUR13.8 million.

Revenues of Intred alone amounted to EUR13.0 million, up 6.4 percent year-on-year, while revenues of Connecting Italia Srl alone, whose merger by incorporation into Intred is expected in the current year, amounted to EUR850,000.

The increase in cumulative turnover was mainly supported by sales of fiber-optic connections, amounting to EUR8.4 million, up 15 percent from the same period last year. Services with recurring fees, the company's core business, accounting for about 85 percent of revenues, amounted to EUR11.8 million with a growth of 14 percent.

Regarding the type of customers, the biggest growth comes from sales in public administration, up 12% to EUR2.8 million. Sales in the Professional sector, up 19% to EUR7.7 million, and the Wholesale sector, up 4.6% to EUR1.0 million, also performed well.

The churn rate on sales remains at levels well below the market benchmark, and is 4.5 percent, "confirming the high level of customer loyalty to the company."

Regarding the Schools Calls, 3,700 schools were activated, with total revenues in the first quarter of EUR2.3 million.

The company's owned fiber-optic network grew by 4 percent, from more than 11,700 kilometers as of Dec. 31, 2023, to more than 12,300 kilometers at the end of March.

Intred's stock closed Tuesday up 1.2 percent at EUR9.76 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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