(Alliance News) - Yolo Group Spa reported Tuesday that it ended 2023 with revenues of EUR9.5 million, more than doubling year-on-year.

Ebitda as a percentage of revenues improved from negative 17 percent to 13 percent, with Ebitda value negative EUR1.2 million.

Net financial position is positive EUR100,000, with cash and cash equivalents of EUR4.6 million.

The 2023 results create the conditions for confirming the breakeven target to 2024 and for accelerating the implementation of the 2024-2026 business plan, whose targets the company has updated.

Three strategic directions are the consolidation of the phygital distribution model; the increase of the offer portfolio towards both the retail and SME markets; and the development of the international presence, both ahraverso new partnerships and ahraverso inorganic growth.

Gianluca De Cobelli, co-founder and CEO of Yolo Group, said, "The evolution of the business in 2023 proves the validity of our strategic choices. In fact, the results achieved and the path that Yolo is taking reflect what we declared at the time of listing. The solid positioning in insurtech and the growth prospects of the target market place us in the right conditions to accelerate the implementation of the business plan."

The company has also decided to put in place the transition of the stock's listing from the professional segment of Euronext Growth Milan to the ordinary segment in accordance with terms and timing to be agreed with Borsa Italiana.

Yolo Group's stock closed Tuesday unchanged at EUR2.00 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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