(Alliance News) - Fope Spa reported Friday that it closed the first half of the year with a 19 percent year-on-year increase in profit, marking a positive result of EUR5.6 million from EUR4.7 million in the first half of 2022.

Revenues rose 25 percent to EUR34.7 million from EUR27.7 million. The increase can be attributed to the growth in the volume of sales orders collected during the six-month period and the fulfillment of the large order backlog recorded at the end of 2022, Fope points out.

Ebitda was EUR9.1 million, up 37 percent from EUR6.6 million as of June 30, 2022 while Ebitda margin grew by more than 26 percent from 24 percent in the same period 2022.

Positive trend also for Ebit, rising 42% to EUR8.1 million to EUR5.7 million, with a margin of over 23% from around 21% in the first half of 2022.

Net financial position of EUR5.0 million compares with a cash positive value of EUR1.5 million as of December 31, 2022 and a debt position of EUR200,000 as of June 30, 2022.

Based on management's expectations for the current fiscal year, the company "estimates a positive financial result. The results for the first months following the end of the half-year confirm these forecasts and, consequently, the aforementioned expectations," the company's note reads.

Fope's stock is flat at EUR29.40 per share.

By Chiara Bruschi, Alliance News reporter

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