(Alliance News) - ErreDue Spa on Tuesday reported that it closed the first half of the year with triple-digit growth in profit, to EUR1.5 million from EUR700,000 in the same period last year.

As of June 30, sales revenue amounted to EUR7.9 million from EUR5.4 million, up 44 percent from the first half of 2022.

Value of production was EUR9.1 million from EUR6.0 million as of June 30, 2022.

Ebitda is EUR2.8 million, up 69% from EUR1.7 million, with Ebitda margin of 35.9% from 30.7% in H1 2022.

Ebit is worth EUR1.9 million from EUR900,000 as of June 30, 2022 and up triple digits.

Net financial debt is cash of EUR14.9 million from EUR17.4 million as of Dec. 31, 2022.

Looking ahead, "the company appears to have EUR10.5 million in orders on hand from EUR9.7 million in sales of machines and generators for rent and EUR800,000 related to leases already contracted to be invoiced during the year. These revenue volumes ensure the best performance of the business for the continuation of the current and most of the following year, in which revenues from leases of EUR2.2 million, from service and after market contracts of about EUR4 million are renewed," the company explained in a note.

"By 2024 we estimate that we already have revenues of around EUR9 million in our portfolio. The available resources ensure adequate financial and capital coverage for the planned investments. Future economic results will continue to be affected by the war in Ukraine, which has led to a significant slowdown in activities in those areas."

"Regardless of the above, all development plans for the construction of hydrogen production plants are confirmed, which will enable the company to meet the needs of power-to-gas, sustainable fuel cell mobility, synthetic fuel and hard-to-abate."

ErreDue on Tuesday closed 0.4 percent in the red at EUR8.96 per share.

By Claudia Cavaliere, Alliance News reporter

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