Formula Systems (FORTY) has released an update.
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Formula Systems reported a revenue increase to $2.6 billion for the full year 2023, a 1.9% rise year over year, with a record-breaking net income of $64 million despite the recent conflict in Israel impacting profitability. The fourth quarter revenue was down slightly from the previous year to $640.3 million, while operating income remained stable. The company declared a dividend of approximately $0.63 per share, payable in April 2024, and remained in compliance with all financial covenants.
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