(Alliance News) - Integrated System Credit Consulting Fintech Spa reported that it closed 2022 with a profit of EUR263,474, which compares with a net loss of EUR306,328 in 2021.

The consolidated result was particularly weighed down by the increase in overhead costs of the subsidiary Lawyers StA Srl as a result of the enhancement actions carried out as of September 2022 for the efficient management of the growth of the portfolio of NPL loans entrusted for judicial recovery, with the consequent mismatch with respect to the revenue flow that these actions will enable in the coming periods.

Revenues for FY 2022 were EUR4.8 million from EUR1.3 million in the previous year. Revenues originate from the processing and enhancement of NPL loan portfolios, resulting from out-of-court recovery activities - mainly from Phone Collection - and in court, through

Lawyers, with revenues from collections from repayment plans, expense recovery, and settlements amounting to EUR1.5 million from EUR1.0 million in 2021 and from portfolio resale activity of EUR2.9 million from EUR310,489 in 2021.

Ebitda increased to EUR1.2 million from EUR30,172 a year earlier.

Shareholders' equity as of December 31, 2022, after recognition of the result for the year and changes in reserves, amounted to EUR14.4 million, unchanged from that at the end of 2021.

Net financial position as of December 31, 2022 was positive and amounted to EUR4.3 million from EUR12.0 million at the end of 2021 and included cash and cash equivalents of EUR5.6 million from EUR13.4 million in 2021.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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