(Alliance News) - Intred Spa reported on Wednesday that it reported a profit of EUR3.9 million for the first half of the year, down from EUR4.3 million recorded in the same period in 2022 due to higher financial charges caused by rising interest rates.

On the rise was revenue, which, according to the half-year financial report approved by the board of directors, amounted to EUR24.5 million, up 7.0 percent from EUR23.0 million as of June 30, 2022. The increase in revenues was mainly supported by sales of fiber optic connections, up 12 percent from the same period last year.

Ebitda was EUR10.7 million, up 12 percent from EUR9.6 million in the first half of 2022 and with an Ebitda margin of 43.5 percent from 41.1 percent as of June 30, 2022.

Ebit, on the other hand, amounted to EUR6.0 million, in line with the first half of last year.

Net financial debt was EUR19.3 million, compared to EUR11.5 million as of June 31

December 2022.

As for the future, the company writes in a note, "growth forecasts for the continuation of the financial year are largely positive. Also in the second half of the year, revenue growth will be supported by sales of ultra-wideband services. Business development will be driven by the ongoing investment program aimed at the extension of the network over the entire territory of Lombardy."

"We are therefore confident that in the second half of the year the acceleration of results can continue, especially thanks to the positive effects of the school calls; the constant growth in the number of customers and the good visibility on recurring revenues allow us to be confident about the achievement of still flattering results," the statement further reads.

Intred's stock is down 1.8 percent at EUR11.00 per share.

By Chiara Bruschi, Alliance News reporter

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