But Italian content giant says EBITDA improved by 2.6 per cent in 2009.
Buongiorno's FY2009 preliminary financials showed consolidated revenues of approximately 259m euros (vs 316m euros in 2008) and an EBITDA of
39m euros (v 39.8m in 2008).
The decline in sales was due to the rationalisation of the product portfolio and changes in the accounting principles of some contracts.
These are interesting times for Buongiorno, which was one of the undisputed titans of the D2C era. Since the decline of personalisation, it's been busy recallibrating its activities around social media, marketing and B2O content management.
Clearly, this process is still underway. Buongiorno's gross debt is estimated at approximately 86m, 26m less than at December 31st 2008.
"We are really satisfied with how 2009 ended, given the challenging economic environment," said Buongiorno's CEO, Andrea Casalini.
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"It has been a year of consolidation in which we confirmed the quality of the core business in terms of profit stability and cash generation and we also set the basis for the development of the new business lines with investments that reduced the EBITDA by over Euro 3 million."
