The Board of Directors of Engineering, the Italian company leader in the digitalization of processes for businesses and Public Administration, has approved the consolidated financial statement for the year 2023.
The past fiscal year has been particularly significant for Engineering, both in terms of revenue and EBITDA, which have recorded a double-digit increase at the Group level, and in terms of investments aimed at strengthening market positioning and pursuing the goal of confirming Engineering's role as one of the leading digital companies in Italy and one of the most relevant Italian companies in the sector worldwide.
To this end, during the year, management accelerated the corporate transformation process, aimed at greater efficiency and innovation of internal processes, significant acquisition operations, the initiation of structural actions aimed at strengthening Engineering's capacity to increase business in the medium to long term, and the strengthening of the offering through a redefinition of the go-to-market strategy for proprietary products and services. Additional investments have been initiated in training and reskilling of personnel, as well as in certifications and strengthening compliance measures.
Moreover, the fiscal year has been characterized by an increase in partnerships with major international Tech Giants, making Engineering the main reference partner in Italy for leading international digital companies.
Below are the main financial indicators reflecting the new scope of the Group:
- The Group's TOTAL REVENUES stand at €1,721 billion, up 17.9% from €1,460 million in 2022.
- The ADJUSTED EBITDA is €257.3 million, up 23.3% from €208.6 million in 2022.
- NET RESULT marks -€124.8 million compared to €28.3 million in 2022 due to the reverse merger with the parent company Centurion Bidco SPA, non-recurring charges related to the aforementioned corporate transformation, and increased financial expenses related to these operations.
Maximo Ibarra, CEO of Engineering, comments: “The approved Group data portrays the significant transformative process that Engineering is pursuing to enhance its technological capabilities and innovate organizational processes, which has been strongly accelerated over the past year with the aim of building solid foundations for growth and development to strengthen our leadership in the market and alongside strategic players. The approved fiscal year data saw very significant investments and significant M&A operations that the Group successfully carried out despite a historical phase marked by difficult macro-economic conditions and geopolitical instability, which have led to an increase in the cost of money and the inflation curve. 2024 will be another year of challenges but also of great opportunities thanks to the ongoing digital transformation and the growing demand for products and services based on Artificial Intelligence integrated with other cutting-edge technologies. Engineering, with the support of shareholders Bain Capital and NB Renaissance, will consolidate its development in Italy and other markets where it operates, relying not only on an improvement in the economic and social context but above all on its ability to generate new value for customers, in order to support them in growing their business. The prospects we see are highly positive for the coming years thanks to the investments made, the portfolio of products and services we have, the R&D skills supporting the business, and a deep knowledge of all markets, both in the Public Administration and in the private sector.”
The year 2023 also saw the Engineering Group engaged in particularly strategic industrial, organizational, and ESG-related activities, which constitute additional elements of vision and prospective growth for the coming years. Among these are:
- The 100% acquisition of Extra Red, a Technology Service Provider and Premier Business Partner of Red Hat, which offers high-value-added services and projects on market-leading technologies, in partnership with major IT vendors.
- The establishment of the company PNT and the launch of the National Telemedicine Platform, which over the next 10 years will aim to connect the Central Administration with local Administrations, to provide centralized governance and monitoring of Telemedicine processes implemented at the regional level, in line with what is indicated in the PNRR - Mission 6 Component 1 sub-investment 1.2.3 "Telemedicine”.
- The strategic agreement signed with AWS to accelerate the digital transformation of companies and Public Administration through the joint development of advanced solutions.
- The Memorandum of Understanding signed by Municipia (a company of the Engineering Group) and Yunex (a company of the Mundys Group), aimed at supporting the digitalization of mobility & traffic management processes in Italian cities, useful for reducing CO2 emissions and optimizing city traffic flows.
- The signing of the supplementary company agreement for the years 2024-2026. The agreement, reached in full harmony with the Trade Unions, concerns for the first time all the companies of the Group (with the exception of the newly acquired Be Shaping The Future and Atlantic Technologies) and includes a series of improvements compared to the National Collective Bargaining Agreement. Among the novelties introduced are measures in favor of the family, parenthood, and work-life balance.
- Implementation of the Workday platform, which has enabled more agile and innovative processes for personnel management.
- In the ESG field, Engineering has confirmed its partnership with the Foundation for Digital Sustainability; it has published the Sustainability Report endorsed for the second consecutive year by an external body; it has defined the planning of environmental, social, and governance sustainability objectives for the entire Group; it has obtained the UNI/PdR 125:2022 certification in the Diversity & Inclusion field at the group level.