(Alliance News) - Fervi Spa reported Tuesday that in the first three months of the year it achieved revenues of EUR14.6 million, down 3.3 percent from EUR15.1 million in the same period of 2023.

The decrease is attributable to "the dynamics of the invoicing of the subsidiary Rivit for which, in view of the go live of the new management system on April 1, 2023, and in order to reduce possible operational problems during the transition phase, an anticipation of order deliveries and related invoicing had been planned with some customers," the company specified.

Net debt is EUR5.8 million, an improvement from EUR7.6 million in the first quarter of 2023 "as a result of cash flows from ordinary operations."

Commenting on the group's performance, CEO Guido Greco said, "The first-quarter result is still affected by the general market weakness that began in the second half of 2023, however, the level of sales, which on a comparable basis remains broadly in line with that of the first quarter of 2023, suggests potential for recovery as early as the second quarter. In addition, cash generation continues to be significant with approximately EUR1.8 million generated from operations over the first quarter."

Fervi's stock closed Tuesday at a par at EUR18.00 per share.

By Chiara Bruschi, Alliance News reporter

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