(Alliance News) - The board of directors of Reti Spa on Wednesday approved the draft financial statements for the year to December 31, 2022, reporting a 12 percent increase in value of production, as it rose to EUR27.8 million from EUR24.9 million in 2021.

"The increase," the company explains, "can be attributed to the consolidation of activities at incumbent clients and the expansion of the client portfolio nationally and internationally, developed through the acquisition of new orders and the signing of several partnerships during the year.

Growth was mainly driven by the IT Solutions line, which is Reti's main line of business accounting for 60 percent of total revenues followed by the Managed service provider line accounting for 15 percent of revenues. The company also pointed out that growth in ancillary revenues to EUR3.4 million from EUR2.0 million due to an increase in hardware and software resale business.

Declining, on the other hand, was net income, which amounted to EUR980,000 in 2022 compared to about EUR1.1 million in 2021.

Of the 2022 profit, the board proposed to allocate EUR649,948 to the ordinary dividend of EUR0.052 per share. The dividend yield is about 2.5 percent from the last closing price, while the payout ratio is more than 66 percent.

Ebitda for 2022, on the other hand, is EUR2.94 million, up from EUR2.85 million in 2021.

Ebit is EUR1.71 million, up from EUR1.68 million in 2021, after depreciation and amortization of EUR1.18 million, up from EUR1.13 million in 2021 due to investments made, Reti points out.

Net financial position amounted to EUR6.2 million, an improvement from EUR7.9 million as of Dec. 31, 2021. The core business NFP, the company adds, is EUR2.1 million from EUR920,000 as of Dec. 31, 2021, while the NFP related to the development of the Technology Campus is EUR4.1 million, down from EUR6.9 million as of Dec. 31, 2021.

As for the future, the company will remain focused on "sustainable innovation, which continues to be the guiding element in order to be able to respond to the needs of the enterprise world and enhance the digital transformation process of business realities, ensuring cost savings and resource efficiency," the note states.

"Anticipating an increase in projects related to digital transformation and emphasizing the importance of professionals to meet the new challenges of the market, in 2023 Reti aims to further expand its team through the inclusion of 28 new professionals. In this context, collaboration with the ITS system and the consequent enhancement of the professional training of young talents will be crucial."

Reti, on Wednesday, closed 0.5 percent in the red at EUR2.06 per share.

By Chiara Bruschi, Alliance News reporter

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