(Alliance News) - The board of directors of Longino & Cardenal Spa on Friday approved the half-year financial report as of June 30, reporting a loss of EUR600,000, an improvement from a loss of EUR900,000 recorded in the first half of 2022.

Revenues rise 16 percent to EUR16.7 million from EUR14.3 million in the same period 2022.

Contribution margin shows a significant improvement to EUR3.8 million, up 30 percent from the previous year when it was EUR3.0 million.

Ebitda, on the other hand, is close to breakeven - negative EUR80,000 - from negative EUR1.0 million in the same period of 2022.

Net financial debt is EUR6.5 million compared to EUR5.4 million as of Dec. 31, 2022, mainly due to the parent company's investments in ERP and the subsidiary il Satiro Danzante's investments for the new production plant in Mazara del Vallo, as well as the repayment of EUR800,000 in outstanding loans and the taking out of new loans.

For the future, "management is confident of continuing in the second half of the year, not only because of the effect due to seasonality, the positive trend of recovery already shown in the first half of the year," the company points out.

"In particular, the policies of increasing net interest and other banking income and containing operating costs due to the investments already made in digitization and efficiency in the organizational structure continue. The growth trend is expected to continue across all subsidiaries. The group will also continue to invest in the B2C channel through eCommerce aware of the market potential and benefits in terms of brand awareness," the note says.

Longino & Cardenal's stock on Friday closed at parity at EUR1.93 per share.

By Chiara Bruschi, Alliance News reporter

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