Longino & Cardenal, 2022 revenues up with contributions from New York and Dubai

Longino Cardenal 2022 revenues up with contributions from New

(Tiper Stock Exchange) – Longinus & Cardinala company listed on Euronext Growth Milan and active in the research, selection and distribution of rare and precious foods, closed 2022 with Revenues from sales equal to 31.7 million euros, an increase of 20.6% compared to 2021. The New York subsidiary closes the first year of full activity with revenues equal to 1.3 million euros, +83.6% vs 0 7 million euros in 2021 and the Dubai subsidiary closes at 2.9 million euros, +28% vs 2.3 million euros in 2021.

L’EBITDA is negative for 0.7 million euros (negative for 0.5 million in 2021) also due to the effect of the 22.6% increase in costs linked in part to inflationary trends and in part to expenses generated by the Shoplongin online platform . The 2022 financial year closed with a Net income equal to -1.2 million euros, worsening compared to 2021 (negative for 0.9 million).

“The reason for the negative consolidated result, despite an increase in turnover, is to be found above all in the fact that the Group has continued to invest in the two start-ups, Longino & Cardenal LLC New York and Shoplongino srl”, commented the CEO Riccardo Uleri.

“In general for the group it was still a difficult year with significant investments that have had a significant impact, but of great importance for the evolution of our organization, which through the change of the management system and digitization, has created the foundations for an important reduction in costs and for greater efficiency and ability to achieve the expansion goals we have set for ourselves,” he added.

L’Net financial debtconsidering the activities and investments carried out by the parent company, is equal to 5.4 million euros, compared to 3.5 million in 2021.