Cint Group reports lower than expected sales impacted by macro-economic factors and higher reversal rates
Net sales for the fourth quarter 2022 amounted to approximately EUR 80.3m compared to EUR 44.8m in the same quarter last year. On a pro forma basis[1] net sales increased by approximately 6.6 percent and 0.1 percent on constant currency basis. The flat revenue growth rate pro forma on constant currency basis for the quarter was impacted by: · Ongoing macroeconomic factors continued to make many clients cautious about initiating new projects; this trend was noticeable across almost all geographies, business segments and customers. · Higher reversal rates than in previous quarters.