(Alliance News) - STAR7 Spa reported Tuesday that in the first half of the year it posted a 34 percent drop in profit to EUR1.0 million from EUR1.5 million in the same period last year.

As of June 30, revenues stood at EUR50.9 million, up 28 percent from EUR39.6 million in 2022.

Ebitda was EUR6.9 million, down 4.3% from EUR7.2 million in the first half of 2022 and with an Ebitda margin of 13.6% from 18.2% last year. Adjusted Ebitda amounted to EUR7.5 million.

As of June 30, the STAR7 group's Net Financial Position was negative EUR33.6 million, down EUR1.5 million from the figure at the end of 2022, which was negative EUR35.1 million.

Looking ahead, the company explained in a note that "The evolution of the first months following June 30 confirms a good performance of operations, despite an environment made complex by inflation and the ongoing increase in the cost of capital. For the full year, STAR7 expects to achieve a positive financial result."

STAR7 is unchanged at EUR7.30 per share.

By Claudia Cavaliere, Alliance News reporter

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