(Alliance News) - Svas Biosana Spa reported Tuesday that it closed the six-month period with consolidated net profit up 33 percent to EUR2.3 million from EUR1.7 million in the same period last year.

As of June 30, revenues from ordinary operations amounted to EUR55 million, up 25 percent from EUR48.3 million in the first half of 2022.

Ebitda amounted to EUR6.9 million, up about 22% from EUR5.7 million as of June 30, 2022.

Ebit was EUR4.2 million, up 36% from EUR3.1 million in the first half of last year.

Net financial position as of June 30 is cash negative EUR25.2 million, compared to cash NFP of EUR21.7 million as of Dec. 31, 2022, an increase partly attributable to the start of new contracts.

Looking ahead, "at the macroeconomic level, the outlook for economic activity and inflation has become very uncertain and crucially dependent on the evolution of the Russian war in Ukraine. In the most recent period, signs of slowing inflation and the receding financial turmoil have prompted major central banks to continue the process of raising interest rates, albeit at a more moderate pace," the company explained in a note.

"These elements represent a drag on the global economy, which is expected to decelerate this year and then show greater dynamism in 2024. The company's management confirms the current positive trends, both with regard to sales and expected margins. Therefore, result expectations for the current year are positive."

Svas Biosana closed Tuesday flat at EUR8.06 per share.

By Claudia Cavaliere, Alliance News reporter

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