(Alliance News) - Zest's board of directors on Wednesday evening reviewed and approved the financial results attributable to the activities conducted until March 31, recording a positive change of EUR400,000 from EUR200,000 in the first quarter of 2023, "to which the sale of the stake held in Futura Srl contributed," the company wrote in the released note.

In the first quarter of 2024, revenues and other income were EUR1.1 million, 32 percent lower than in March 31, 2023, when they were EUR1.6 million.

EBITDA for the first quarter of 2024 was negative EUR65,0000 compared to the essentially break-even result achieved in the first quarter of 2023.

Net financial debt decreased to EUR2.6 million compared to EUR4.5 million as of Dec. 31, 2023, "due to the increase in cash and cash equivalents, attributable to the collection of the sale price of the equity investment held in Futura, and the reduction in Current Financial Debt, connected instead to the completion of the second tranche of the capital increase subscribed by LUISS."

Zest closed Wednesday's session in the red by 0.4 percent at EUR0.25 per share.

By Maurizio Carta, Alliance News reporter

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