(Alliance News) - Matica Fintec Spa reported Thursday that it ended 2023 with revenues of EUR22.6 million, up 16 percent from EUR19.5 million in 2022.

This growth, in part due to the full-year consolidation of UBIQ, reflects the optimization process of the two companies acquired in 2022 and brought to full capacity in 2023, which firstly allowed to integrate the value chain and complete the company's offerings in Hardware and Software, and at the same time provided a local presence in the U.S. market, which is a key market for the Matica group.

Considering Matica Fintec standalone, revenues stood at EUR18.7 million, benefiting from solid organic growth of about 7 percent from EUR17.5 million as of December 31, 2022.

Consolidated group Ebitda is EUR4.5 million from EUR5.0 million as of December 31, 2022 and shows a margin of 19.9 percent. Despite a change attributable to a different product mix and higher raw material costs, the group maintained a positive margin, which recovered significantly in the second half of the year.

Consolidated operating income stood at EUR3.6 million from EUR3.8 million as of December 31, 2022, with consolidated group net income at EUR2.2 million from EUR2.5 million as of December 31, 2022.

Consolidated net financial debt was positive EUR1.8 million, an improvement from both December 31, 2022, when it showed cash of EUR1.4 million, and from June 30, 2023, with cash of EUR1.1 million. The adjusted figure, which takes into account a small portion of overdue tax liabilities, is EUR1.7 million positive from cash of EUR800,000 as of Dec. 31, 2022.

Matica Fintec's stock is up 1.2 percent at EUR1.63 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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