(Alliance News) - Reti Spa announced Friday that it closed 2023 with a profit of EUR1.5 million, up 50 percent from EUR980,000 as of Dec. 31, 2022.

The company also announced a dividend distribution of EUR0.058 from EUR0.052 in 2022.

The dividend yield was 2.32 percent from the last closing price, while the payout ratio was 48.78 percent.

The value of production in the year was EUR30.9 million, up from EUR27.8 million in FY2022. The increase can be attributed to the consolidation of activities at incumbent customers and the expansion of the customer portfolio domestically and internationally, developed also through the acquisition of new orders and the signing of new partnerships that contributed to the increase in operating margins recorded in the period, the company explained in a note.

Ebitda is EUR3.5 million, up 19 percent from EUR2.9 million in 2022.

Ebit is EUR2.27 million, up 33 percent from EUR1.71 million in 2022.

Net financial debt is EUR3.98 million, an improvement from EUR6.21 million as of December 31, 2022.

In addition, the board of directors has proposed a buyback plan with a maximum countervalue of EUR1 million. The company currently holds 159,000 treasury shares, representing about 1.3 percent of total share capital.

Bruno Paneghini, chairman and chief executive officer of Reti, commented, "In 2023 the digital market, animated by the technological phenomenon of artificial intelligence, has expressed itself in all its dynamism, emphasizing once again, to the business world, the necessary urgency of the digitization of companies and the investment of human resources and capital in technological innovation. At the same pace, the same acceleration has affected the Digital Enablers on which Reti focuses its attention: from Cloud to Big Data, from IoT to advanced Cybersecurity solutions."

"The solidity of our business model, sustainable innovation and our ability to read market trends, have allowed us to reconfirm the positive trend in our figures: the growth of production value to EUR30.9 million, with an Ebitda margin of 11.31 percent and 372 employees."

On Friday, Reti closed in the green by 4.2 percent at EUR2.50 per share.

By Claudia Cavaliere, Alliance News reporter

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