(Alliance News) - Fervi Spa reported Thursday that in the first half of this year it generated revenues of EUR29.5 million, up 0.7 percent from EUR29.3 million in the same period of 2022.

The increase, the company explained, was mainly attributable to the first-time consolidation of Rivit India PVT, a 99.96 percent subsidiary of Rivit Srl, which brought in revenues of about EUR500,000.

The Consolidated Net Financial Position, negative by about EUR9.4 million, improved compared to the figure as of March 31, 2023 when it was negative by EUR10.7 million, due to cash flows generated from current operations, as well as the first-time consolidation of Rivit India PVT.

Commenting on the group's performance, Guido Greco, the group's CEO, said, "The Fervi group ends the first half of 2023 with consolidated sales in line with the corresponding period of the previous year and a financial position that improved by EUR1.3 million compared to the previous quarter and by EUR1.8 million compared to December 2022, after the payment of about EUR1 million in dividends in May. We are pleased with these figures and they show a significant consolidation of the Group in a year that was expected to be one of transition as a result of the uncertainties arising from the events of 2022 and especially the significant volume growth in 2021 and 2022, which is inevitably leading to a rebalancing of stocks, resulting in an increased focus on purchases by all market players."

Fervi's stock is flat at EUR16.10 per share.

By Chiara Bruschi, Alliance News reporter

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