Strong growth in revenues and increased operating margin
STAR7 – Ordinary Shareholders’ Meeting
2021 Annual Report approved
STRONG GROWTH IN REVENUES AND INCREASED OPERATING MARGIN
Valle San Bartolomeo (Alessandria, Italy), 28 April 2022 - STAR7 (EGM: ticker STAR7) held its Ordinary Shareholders' Meeting today in Valle San Bartolomeo (Italy), at first call, under the chairmanship of Lorenzo Mondo. STAR7 provides an integrated range of product-information services, from product and process engineering support to the creation and management of technical and marketing content, translation, printing and virtual experience.
The Shareholders' Meeting approved the annual report for the year ended 31 December 2021, which closed with a net profit of €726,661, and resolved to allocate STAR7 S.p.A.'s net profit for 2021 as follows:
- €19,868 is allocated to the legal reserve, which thereby reaches the legal limit of 20% of the share capital;
- €706,793 is allocated to "retained earnings".
The Shareholders' Meeting also reviewed STAR7's consolidated financial statements for the year ended 31 December 2021, which show significant growth in the main earnings indicators, as shown below:
Revenues: €59.0 million (+36% vs. €43.5 million in 2020)
Pro-forma revenues*: €72.9 million (+18% vs. €61.8 million in 2020)
EBITDA: €8.7 million (+105% vs. €4.3 million in 2020)
EBITDA Margin: 14.8% (vs. 9.5% in 2020)
Pro-forma EBITDA*: €13.3 million (+44% vs. €9.2 million in 2020)
Pro-forma EBITDA Margin*: 18.2% (vs. 15% in 2020)
Profit for the year: €2.5 million (+47% vs. €1.7 million in 2020)
NET FINANCIAL POSITION: debt of €26.9 million as at 31.12.2021 (increase of €10.6 million compared to debt of €16.3 million as at 31.12.2020)
*The pro-forma figures take into account the 12-month impact of the acquisition of The Geo Group Corporation (April 2021) and LocalEyes Ltd. (November 2021).
Lorenzo Mondo, Chairman and Chief Executive Officer of STAR7, commented: "The results presented at today’s shareholders’ meeting show that 2021 was a year of strong growth for STAR7. In addition to making significant progress in the main earnings indicators, we also finalized major international acquisitions and successfully completed the process of listing STAR7 shares on the Euronext Growth Milan market, which happened on 23 December. As such, in 2021 we also laid the foundations for a substantial boost to our further development plans over the coming years, following a clear and proven strategy that continues to deliver. This year we have decided not to distribute profits, but to reinvest them in projects to drive our growth, particularly in the North American market."
Mondo continued: “At this our first Shareholders' Meeting as a listed company, I would particularly like to thank the shareholders who have placed their trust in us by investing in STAR7 shares. I confirm my commitment – and that of the entire management team – to work confidently and determinedly towards the goals we set out upon our listing, despite the challenging scenario we are facing in these early months of 2022."
Shareholders were able to attend the Shareholders' Meeting and exercise their voting rights exclusively by granting a specific proxy to the Appointed Representative under Article 135-undecies of Italian Legislative Decree 58/1998), due to the continuation of the pandemic and in accordance with legislation to mitigate its impacts.
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FILING OF DOCUMENTATION
The Minutes of the Shareholders' Meeting and the Summary Voting Report will be made available to the public within the terms of the law at the company's registered office in Valle S. Bartolomeo (Alessandria, Italy), as well as by publication on the company website www.star-7.com, in the "Investor Relations/Shareholders' Meetings" section, and on the authorized storage mechanism www.1info.it.
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For more than 20 years, STAR7 has served its customers as a leader in the product information sector. Support for product and process engineering, creating and managing technical content, as well as marketing, translation, printing and virtual experience: with its services, STAR7 is able to support the industrial activity of customers throughout the life cycle of the product, from the design phase to after-sales. The hallmark of STAR7 has always been an approach capable of combining specific know-how, technology and overall perspective to offer the best possible solutions to the needs of customers and the global market. This approach has seen STAR7 strike major partnerships with leading international companies, establishing it as a reliable and credible global partner. STAR7 is part of the STAR Group network.
FOR MORE INFORMATION:
Paolo Castagno, CFO and
Investor Relations Manager
Tel: +39 0131 198 8872
Blue Arrow - IR Advisor
Maria Grazia Mantini
Mob: +41 78 723 6840
Piera Alasia, Chief Marketing Officer
Tel: +39 0131 19788
Spriano Communication & Partners - Press Office
Mob. +39 347 9834 881
Mob: +39 348 857766