MILANO (AIMnews.it) - Piteco closed 2017 with revenues up 21% to 17 million euros and a 46% increase in revenues from recurring fees. Ebitda stood at 6.5 million (+ 15%) with a margin of 38%. Finally, net profit was down 25% to € 3.4 million due to accounting reasons, extraordinary expenses related to the acquisition of the business unit in the USA and unrealised exchange rate losses. The net financial position is negative of 6.5 million euros. "The result of the first consolidated financial statements show a 21% increase in revenues thanks to the finalisation of the international expansion strategy that led to the inclusion in April 2017 of the newly-controlled American Juniper Payments and the reconfirmation of leadership in the Italian software market for cash management and financial planning with 30 new customers - said the president Marco Podini - The data confirms a strong growth in revenues from recurring rents (+ 46%), further improving the predictability of future revenues, thanks also to the contribution of the model based on revenues from the recurring fees of the multi-year contracts with US banks. This first consolidated financial year is influenced by accounting entries and one-off extraordinary costs related to the acquisition of the business unit, which generates a temporary reduction of the pre-tax result. We can also confirm this year the proposal for the distribution of dividends for a total of 2.7 million euros, with a 3.1% yield and a payout ratio of 72%, well above 40%, announced in the IPO, supported by the exceptional cash generation that characterises our group. "In fact, the Board of Directors will propose a dividend of 0.15 euros, with a detachment date of April 24th." The first months of 2018 suggest that a year's dividend for the general growth in results is well under way. The company is involved in a project to transition into the MTA market, hypothesised, after the approval of the annual financial statements of 2017 and with the approval of the competent authorities, Borsa Italiana and Consob" concluded by the company.