Eligo ended 2022 with a loss; revenues go up

(Alliance News) - The board of directors of Eligo Spa on Monday approved the consolidated and draft financial statements for the year ended Dec. 31, 2022, reporting a loss of EUR942,097.

Sales revenues amounted to EUR2.1 million.

Ebitda is negative EUR365,575. The costs that had the greatest impact on the result were service costs of EUR1.5 million, attributable to advertising and marketing costs, and costs for the purchase of goods and raw materials of EUR460,000, related to the purchase of products and raw materials for the production of goods for sale.

Ebit was also negative, amounting to minus EUR890,174. The highest value is recorded by amortization of intangible assets, amounting to EUR390,000, resulting from investments made during the year with regard, in particular, to proprietary software developments, as well as the listing transaction.

"These results," the company note reads, "are the result of the phase of major investments and profound commercial, management and technological transition of the company and the group, aimed at the development of the technological infrastructure and the proprietary platform ELSA, Eligo Live Shopping Assistance, the integration of Masel Srl, a company acquired in December 202, and the activities to relaunch the Meltin'Pot brand acquired in December 2021. The company, in parallel, has launched a series of initiatives aimed at optimizing and streamlining its commercial and technical development processes, which will see completion in subsequent years."

Group net financial debt is EUR229,724.

Eligo, on the other hand, posted a loss as of December 31, 2022 of EUR977,474, compared to a 2021 profit of EUR13,835.

Value of production amounted to EUR1.9 million up from EUR1.1 million in the previous year, with revenues from sales more than doubling to EUR1.8 million from EUR679,295.

Adjusted Ebitda is negative EUR93,386 from a positive EUR156,992 as of Dec. 31, 2021.

Ebitda is negative EUR482,233 from a positive EUR52,011 in 2021.

Net financial debt is EUR224,347 from EUR1.5 million in 2021.

Eligo's stock is suspended at the moment as it closed yesterday at EUR2.34 per share.

By Chiara Bruschi, Alliance News reporter

Comments and questions to [e-mail]

Copyright 2023 Alliance News IS Italian Service Ltd. All rights reserved.