(Alliance News) - Fervi Spa announced Monday that it has reported pre-consolidated net consolidated revenues of about EUR57.3 million, compared to EUR38 million as of Dec. 31, 2021, an increase of about 51 percent and marking an all-time record in consolidated revenues for the period.

The sharp increase is mainly attributable to the consolidation of Rivit Srl acquired in September 2021, the company explained in a note.

The Consolidated Net Financial Position was negative by about EUR11.2 million, which remained essentially stable compared to the figure as of September 30, 2022. Compared to 2021 - when it was EUR10.4 million - the Consolidated Net Financial Position increased due to the investment in working capital needed to meet the increase in sales volumes.

Fervi on Monday closed down 1.2 percent at EUR16.10 per share.

By Claudia Cavaliere, Alliance News reporter

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