(Alliance News) - IVS Group Spa reported Tuesday that it closed the first nine months with revenues up 50 percent year-on-year to EUR538.6 million from EUR359.8 million in the same period last year.

Ebitda rose to EUR78.6 million from EUR61.8 million while the adjusted figure-that is, operating profit plus depreciation, amortization, write-downs, nonrecurring and exceptional costs-increased to EUR81.4 million from EUR62.5 million.

Adjusted operating income improved to EUR21.9 million from EUR16.3 million, net income was EUR4.7 million, and adjuetd net income -- net of nonrecurring items -- rose to EUR6.9 million from EUR1.3 million.

The Net Financial Position is negative EUR422.5 million, including about EUR64.0 million from rental and lease agreements under IFRS 16, compared to EUR417.0 million at the end of 2022. Included in the NFP are EUR10.4 million for dividends paid in July, interest of about EUR8 million accrued on bonds maturing in October 2026 while the large VAT receivable of EUR13.4 million at the end of September is excluded.

During the first nine months, the IVS Group generated operating cash flow of EUR62.0 million, a sharp increase from EUR8.4 million as of September 30, 2022. Within the operating cash flow in the third quarter, there was a significant increase in cash absorbed by working capital development of approximately EUR20.5 million while, in the third quarter of 2022, the settlement of payments immediately following the business combination makes the figure for the period insignificant. In the first nine months of this year, payments were made for net fixed investments of EUR38.4 million from EUR28.8 million as of September 30, 2022, and EUR3.3 million for acquisitions, which is not comparable to the figure as of September 30, 2022, which included prices paid in the business combination.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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