October 31, 2019 / 7:09 AM / 15 days ago

CORRECTED-BRIEF-Italia Independent Group Approves Development Plan For 2019-2023

(Corrects second bullet to say that revenue will grow to EUR 42 million in the period under review.)

Oct 31 (Reuters) - Italia Independent Group:

* REPORTED ON WEDNESDAY THAT BOARD HAS APPROVED THE DEVELOPMENT PLAN OF THE COMPANY FOR 2019-2023

* PLAN ESTIMATES THAT REVENUE WILL GROW TO EUR 42 MILLION IN THE PERIOD UNDER REVIEW

* PLAN PROVIDES FOR REDUCTION IN STRUCTURAL COSTS AND OPERATING SAVINGS OF AROUND EUR 1.7 MILLION STARTING IN THE SECOND YEAR

* PLAN PROVIDES FOR RETURN TO POSITIVE EBITDA (+3.2 MILLION EUROS) AND TO PROFIT (+1 MILLION EUROS) STARTING FROM FY 2021

* BOARD HAS ASKED SINGLE CO’S SHAREHOLDER TO TAKE THE APPROPRIATE DECISIONS IN ORDER TO PROVIDE COMPANY WITH THE FINANCIAL RESOURCES NECESSARY TO COVER THE LOSSES AND TO IMPLEMENT PLAN FOR 2019-2023

Source text for Eikon:

Further company coverage: (Gdansk Newsroom)

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