(Alliance News) - FOS Spa reported Wednesday that it ended 2022 with revenues up 51 percent year-on-year to EUR22.4 million from EUR14.8 million in 2021.

In detail, FOS Group "as is" performance revenues as of December 31, 2022 are EUR16.5 million and up 11% from EUR14.8 million as of December 31, 2021, and NAeS performance revenues are EUR5.9 million.

On the other hand, the group's actual consolidated sales revenue, calculated considering only three months post-acquisition, is about EUR18.3 million and up 23% from EUR14.8 million in 2021.

The group's adjusted Net Financial Position as of December 31, 2022 is cash positive EUR1.5 million, including cash and cash equivalents of EUR9.7 million compared to the figure as of December 31, 2021, which was cash positive EUR1.7 million.

The group also invested about EUR3.0 million in R&D in 2022 compared to EUR2.4 million in 2021, up 22 percent. Defense and monitoring of people and land, tech solutions for agriculture and sustainability, digital health and digital enhancement of cultural heritage are the lines of focus in the design activities of the FOS engineering team through the company's labs in cybersecurity, Internet of Things, artificial intelligence and augmented reality.

Also on the employment front, figures as of Dec. 31, 2022 confirm the group's growth, with 265 total resources compared to 216 as of Dec. 31, 2021, up 23 percent, figures that include 30 resources from the newly acquired company NAeS.

FOS CEOs Enrico Botte and Matteo Pedrelli said, "We are satisfied with the results as of Dec. 31, 2022; we are working to implement significant growth that presents solid and lasting fundamentals. Our target market, despite financial and geopolitical tensions, is recognizing us for the quality of the technology services provided, the complementarity of the acquisitions made, and the effectiveness of the business and integration model. The year 2023 will give us an opportunity to consolidate what has already been set in the year just ended and to continue the process of growth, in particular, in the cyber and data denter sector, both by internal and external lines."

FOS stock is up 1.5 percent at EUR4.08 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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