(Alliance News) - Siav Spa reported Thursday that it closed the first half of the year with revenues up to EUR16.2 million from EUR14.9 million in the same period last year.

Value of production rose to ERU16.6 million from EUR15.7 million while Ebitda partly benefited from revenue growth, remaining unchanged at EUR2.2 million.

Operating income dropped to ERU205,000 from EUR289,000 while net income was a loss of EUR500,000 compared to a loss of EUR55,000 in the previous year.

Net financial debt is EUR17.9 million, with cash and cash equivalents of EUR3.9 million, up EUR1.4 million from December 31, 2022, when it was EUR16.5 million. The change is mainly due to investments made by the group during the period in R&D and hardware equipment as well as a lower ability of the group to generate cash as a result of the economic results recorded in the first half of 2023 and previously highlighted.

As of June 30, financial debt mainly consisted of medium- and long-term fixed-rate loans that were used to finance internal and external development activities as well as financial liabilities for rights of use related to leases for land and buildings, car rental agreements as well as lease agreements related to machinery.

Siav's stock closed Thursday unchanged at EUR3.65 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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