(Alliance News) - Servizi Italia Spa reported Thursday that it closed the first half of the year with increased revenues and profits compared to the same period last year.

The company's revenues increased to EUR143.8 million from EUR134.0 million in the first half of 2022. Revenues from washroom services-which in absolute terms account for 74.9 percent of the group's revenues-increased to EUR107.7 million from EUR101.8 million in the first six months of 2022, supported by robust growth in washroom Italy.

Revenues from laundry sterilization services - Steril B -, which in absolute terms account for 6.7 percent of group revenues, rose to EUR9.7 million from EUR9.3 million in the first six months of 2022, due partly to increased supplies of disposables in the central Italy area and partly to an increase in treated volumes of reusable technical textiles in the northeastern Italian area. Revenues from the business line of surgical instrument sterilization services - Steril C -, which in absolute terms account for 18.4 percent of group revenues, rose to EUR26.5 million from EUR23.0 million, due mainly to higher operating activities recorded in the Italy area during the period and to inflation adjustments accrued and signed during 2022 and the first half of the current year.

Ebitda rose to EUR36.1 million from EUR29.5 million, with the margin increasing to 25.1 percent or 310 basis points year-on-year. The first six months of the year are distinguished by the excellent performance of all operating segments both in terms of revenues and margins. The benefits are mainly related to the concomitant effect of inflationary adjustments on contract prices and the benefit of the tax credit in the Italy region of EUR2.0 million, which neutralizes the growth in gas and electricity costs compared to the first half of 2022.

Ebit increased to EUR7.4 million from EUR1.2 million, with the margin up to 5.1 percent or 420 basis points.

Net income increased to EUR2.9 million from EUR1.9 million.

Net debt as of June 30, 2023 was EUR125.1 million, up from EUR119.0 million as of December 31, 2022 but down about EUR10.9 million from March 31, 2023.

Servizi Italia's stock is at parity at EUR1.33 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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