(Alliance News) - Emak Spa on Wednesday approved results for the first half of the year, which ended June 30 and in which a consolidated net profit of EUR22.1 million was reported compared to EUR31.7 million in the same period last year.

First-half revenues stood at EUR331.2 million from EUR368.2 million as of June 30, 2022.

Adjusted Ebitda is EUR49.4 million from EUR54.0 million in the first half of 2022.

Ebit was EUR34.8 million compared to EUR41.2 million in the first half of last year.

Net financial position is negative EUR213 million from EUR192.8 million as of June 30, 2022 and EUR177.3 million as of December 31, 2022.

Looking ahead, "The sales results reported by the group in the first half of the year are in line with the market trend. In a very difficult market scenario, activities have focused on operational efficiency, which has made it possible to maintain margins at important levels and to realize the first results of improvement in working capital management, the full achievement of which is expected in the coming months," the company explained in a note.

"The economic environment is still characterized by strong uncertainty, nevertheless, expectations for the second half of the year are for a recovery in sales, although not enough to close the cumulative lag compared to last year. The priorities for the group continue to be the strengthening of its market position, cost efficiency, flexibility of the structure and improvement of cash generation through prudent management of invested capital."

CEO Luigi Bartoli commented, "Despite a global scenario characterized by turbulence related to the geopolitical crisis and accelerating inflation, the first-half results confirm the group's solidity. Sales performance was in line with the market trend, we achieved important results at the margin level and, starting in the second quarter, an improvement in working capital management. The challenging environment will persist for the rest of the year, but the medium- to long-term fundamentals of our business remain unchanged: we remain confident and focused on creating sustainable value for all our stakeholders."

Emak trades in the red by 0.6 percent at EUR1.03 per share.

By Claudia Cavaliere, Alliance News reporter

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