(Alliance News) - Convergenze Spa reported Tuesday that it ended 2022 with revenues of EUR28.2 million, up 53 percent from EUR18.4 million a year earlier.

In detail, the Energy business unit was a key contributor to the company's revenue growth, with revenues coming in at around EUR18.8 million, doubled from EUR9.4 million as of Dec. 31, 2021. Revenues from the TLC division are also on the rise, reaching EUR9.4 million, up 5.6 percent from EUR8.9 million as of December 31, 2021.

In 2022, there are also contracted services of more than 53,800, including more than 44,000 for TLC and more than 9,800 for Energy. The percentage of users on the proprietary FTTH and Wi-fi network is also on the rise, at 51.5 percent compared to 49.6 percent as of Dec. 31, 2021.

Finally, the proprietary fiber optic network expanded during 2022, reaching a total extension of more than 7,500 km contor the more than 5,600 km as of Dec. 31, 2021.

Rosario Pingaro, CEO and chairman of Convergenze, commented, "Revenues as of December 31, 2022, which show double-digit growth thanks to the contribution of both business units, demonstrate the validity of our business model and value proposition and make our reality increasingly competitive. In particular, we are pleased with the efforts made to support the Energy business unit and make its processes more efficient, despite the period of change taking place internationally. We believe that Convergenze can achieve the goals it has set for itself and can present itself to the market as a reliable and innovative partner."

Convergenze's stock closed Tuesday down 12 percent at EUR2.22 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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