(Alliance News) - Piovan Spa reported Wednesday that it reported total revenues in the first quarter of the year of EUR141.1 million, up 31 percent from EUR107.9 million as of March 31, 2022.

Adjusted Ebitda amounted to EUR15.6 million from EUR13.3 million as of March 31, 2022 and up 11 percent.

Consolidated Ebit was EUR12.3 million compared to EUR9.5 million as of March 31, 2022.

Consolidated profit is EUR9.5 million, up EUR2.5 million or 36% from the same period last year.

Consolidated net financial position is negative at EUR98.5 million. Excluding the effects of the application of IFRS 16 and the potential maximum earn-out payment related to the acquisition of IPEG, the Consolidated Net Financial Position is negative as of March 31, 2023 and would stand at EUR59.2 million.

Piovan on Wednesday closed down 1.9 percent at EUR10.25 per share.

By Claudia Cavaliere, Alliance News reporter

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