(Alliance News) - NVP Spa reported Tuesday that it reported revenues up 57 percent year-on-year to EUR19.5 million from EUR12.4 million in the first nine months.

The scope of consolidation includes subsidiaries EG Audiovisivi Srl and Produzioni Italia Srl, the latter as of Sept. 14, 2023, which contributed revenues of EUR500,000, entirely generated in Italy.

"The figure testifies to the Group's stable growth process in the reference markets and sectors: as is now consolidated in the group's experience, sports events substantially generated this result, standing at EUR15.5 million and up 78 percent from EUR8.7 million as of September 30, 2022, with a positive contribution also from entertainment & fashion activities, which grew by 8 percent to EUR4.0 million from EUR3.7 million, also thanks to the entry of difamous studio entertainment programs into the order book," the company explained.

The company also highlights important results for the Hiway Media joint venture - 50% owned and not subject to consolidation - an innovative startup specializing in the development of OTT platforms.

Overseas revenues rose to EUR3.4 million from EUR800,000 while NVP has reported increasing revenues in every quarter of the year so far.

Order backlog for the fourth quarter was EUR6.4 million.

Massimo Pintabona, CEO of NVP, said, "We are extremely pleased with the results for the first nine months of the fiscal year, which confirm the group's steady growth and positioning as a benchmark in the broadcasting services sector. Also based on the order book for the fourth quarter, we confirm our expectations of a 2023 of significant shareholder value generation."

NVP's stock is unchanged at EUR2.88 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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