(Alliance News) - The board of directors of Equita Group Spa on Thursday approved its consolidated financial results as of June 30, a period that ended with consolidated net income falling to EUR8.1 million from EUR10.3 million in the first half of last year.

In the first half of the year, the group reported consolidated net revenues of EUR42.8 million from EUR48.2 million in the same period last year.

Revenues from customer business1 amounted to EUR39.0 million from EUR46.1 million in the same period last year.

Based on the expected results, the board of directors believes that it can propose a dividend of not less than EUR0.30 per share for fiscal year 2023, in line with the targets announced in the three-year business plan "EQUITA 2024."

The group's Investment portfolio is approximately EUR10 million as of June 30, 2023, contributed EUR700,000 to consolidated results from EUR300,000 0.3 million in the first half of 2022.

Return on tangible equity was 23% and IFR Ratio more than 5.4 times the minimum requirement.

The investment banking area posted net revenues of EUR17.8 million from EUR24.4 million in the first half of last year, "in an environment characterized by the continuation of restrictive monetary policies of central banks and an unstable macroeconomic scenario that has impacted especially M&A advisory activities globally," the company wrote in the note.

Equita on Thursday is flat at EUR3.63 per share

By Maurizio Carta, Alliance News reporter

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