(Alliance News) - TrenDevice Spa reported revenues of EUR4.1 million in the first three months of 2023, down slightly from EUR5.1 million in the same period of 2022.

This decrease, the company explained in a note, was due to the abandonment of the sales channel related to foreign marketplaces, which was characterized by too low a margin compared to management's expectations.

"It should be noted that revenues, net of the perimeter related to foreign marketplaces, are nevertheless up 16 percent in Q1 2023, thanks to an increase in the conversion rate of the website, the optimization of investments in marketing, and the opening of the new retail stores in Rome and Bologna that took place between Q2 and Q3 2022," the company clarifies.

Ebitda as of March 31, 2023 amounted to EUR369,000 up sharply from EUR16,000 thousand recorded in Q1 2022. The increase is due to three distinct factors, as specified in a note: "Higher margins derived exclusively from direct sales on the website trendevice.com and from retail stores, thanks to the abandonment of foreign marketplaces; a cost-cutting operation initiated by management in the last period of 2022; and quarterly pro-rata extraordinary income related to operating grants from the "ReFive" project of Regione Campania in addition to deferrals related to tax credits related to previous years, for a total of EUR256,000 up 149% compared to EUR103,000 in the same period of the previous year."

Alessandro Palmisano, CEO and co-founder of TrenDevice comments on the results, "We are very pleased with the results of the first quarter 2023. The change of course on commercial channels initiated in 2022, together with a cost cutting operation, is starting to bring the expected results on the company's marginality: Ebitda results that are already evident in Q1 2023 and that are particularly positive even net of the operating account contributions obtained."

TrenDevice, on Friday,closed in the green by 1.8 percent at EUR0.33 per share.

By Chiara Bruschi, Alliance News reporter

Comments and questions to redazione@alliancenews.com

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