(Alliance News) - The board of Avio Spa on Monday announced that it had approved the financial report for the first nine months, which closed with revenues of EUR222.9 million, in line with the same period last year, with an increase in development and production activities for tactical propulsion.

Reported Ebitda is EUR8.7 million, up 34 percent from the same period last year, an increase "mainly generated by the contribution of technology development projects and a decrease in energy costs," the company writes in the released note.

Adjusted Ebitda is EUR14.1 million, also up 41 percent from the same period last year.

Net cash position is EUR47.9 million compared to EUR74.4 million at the end of 2022 and EUR21.0 million at the end of the first half of 2022.

Giulio Ranzo - Avio's delgate director - commented, "The economic and financial results are improving, thanks to a change in the business mix and a partial reduction in the cost of energy in the Eurozone. In parallel, the company has maintained its high order book, with clear visibility into the future. The defense business is growing much faster than expected and is expected to continue to grow in 2024."

"ESA's latest decisions provide greater visibility on the future of the Ariane 6, Vega C and Vega E programs, strengthening growth prospects," Ranzo concluded.

Avio closed Monday's session in the green by 1.6 percent at EUR7.63 per share.

By Maurizio Carta, Alliance News reporter

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