(Alliance News) - ISCC Fintech Spa announced Thursday that its board of directors approved its half-year financial report reporting a loss of EUR1.4 million, which compares with a loss of EUR839,537 in the first half of 2022.

Revenues amounted to EUR1.4 million, up from EUR1.1 million in the same period last year.

Ebitda is negative EUR917,017 from a negative EUR517,113 recorded as of June 30, 2022.

The on-balance sheet balance of NPL loans as of June 30 amounted to EUR7.40 million, in line with EUR7.43 million in 2022.

Shareholders' equity as of June 30, after the recognition of the result for the first half of 2023 and changes in reserves, amounted to EUR12.9 million compared to the equity recognized at the end of last year of EUUR14.4 million.

The Net Financial Position was positive and amounted to EUR2.8 million from a positive NFP of EUR5.6 million as of December 31, 2022.

"In the first half of the year, the company noted an increase in revenues from ordinary activities compared to the first half of 2022 of 30% and a growth of approximately 47% in income from the processing of the receivables portfolio, confirming the positivity of the business model implemented, with an increase from 30% to 55% on the total of the share related to collections from judicial recovery activities as a result of legal actions carried out and in progress," comments CEO Gianluca De Carlo.

"In the same period, the in-depth and diversified activities carried out on the NPL loan portfolios have allowed to enucleate about 5,000 positions for a GBV of about EUR55 million characterized by full solvency and having the appropriate characteristics for their successful judicial recovery through assignment under management to the investee Lawyers, allowing to achieve a stable revenue flow in the coming periods. Scouting actions are underway to purchase portfolios, which the company hopes to conclude by the end of fiscal year 2023," the CEO concluded.

ISCC Fintech's stock on Thursday closed 2.4 percent in the red at EUR3.26 per share.

By Chiara Bruschi, Alliance News reporter

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