Fire Group, an independent italian debt collector servicer and debt buyer, has presented full year 2023 financial statements, showing an increase in revenues to 59.5 million euros, a modest increase of 1% compared to 2022. EBITDA increased reached 9.5 million euros, exceeding the annual budget forecasts, and the net profit stood at 4.8 million euros. The group’s net financial position was positive for 4 million euros.
During 2023, Fire Group maintained the robust results achieved in the previous fiscal year, closing the year with consolidated revenues in December of €59.5 million. EBITDA represented 16% of total revenues, exceeding the performance targets established for the year, with a net profit of 4.8 million euros.
“With the 2023 Group results, we continue in the wake of the positive trend of recent years, which sees revenues grow steadily, across all credit servicing business units and on local taxation, in combination with the positive effect of efficiency and of innovation” commented Sergio Bommarito, President and CEO of the Fire Group.
The economic results for the three-year period show constant growth with a compound annual growth rate (CAGR) of EBITDA of 9%. This contributed to further strengthening the group’s financial situation, with immediate available liquidity of 10.9 million euros and a positive net financial position as of 31 December 2023 of 4 million euros.
In 2023, the group also acquired new NPE portfolios by completing seven purchase transactions with a GBV of approximately 70 million euros, of which 50 million through co-investments and the remaining 20 million with direct investments.
Effective expense control and continuous investments aimed at optimizing company operations and increasing more profitable activities have driven the increase in company performance over the last five years. Revenues have seen a CAGR of 4.4% since 2019, with EBITDA and EBIT more than doubling from €4.6 million in 2019 to €9.5 million in 2023, and from €3 million to €7.5 million respectively. in the same period.
Investments in research and development, aimed at continuously improving credit management processes through automation and artificial intelligence, have led to the realization of significant projects in 2023, including the completion of the MIRC.0 project and the continuation of the D.S.C. project (Digital Social Collection), aimed at facilitating communication between creditors and debtors and improving credit management.
Blogger and Investment Management Advisor with focus on Distressed Assets & NPL. Massimo is Chief NPL & Fintech Editor at Credit Village Magazine.