(Alliance News) - TPS Group Spa reported Friday that it closed the first half of the year with revenues of EUR22.8 million, up from EUR19.2 million in the same period of 2022.

Ebitda rose to EUR4.4 million from EUR4 million and Ebit improved to EUR3.4 million from EUR3.2 million.

Net income for the first half of the year changed little, to EUR2.0 million from EUR2.1 million.

Operating cash generation for the half-year was EUR4.8 million.

Net financial position before the application of IFRS 16, essentially stable already net of the acquisition for the period, changed to a negative balance of EUR18.1 million from the negative figure of EUR18.7 million at the end of last year. As a result of the impact of the standard on usage rights and leases, the NFP moves to negative EUR15 million from the negative figure of EUR15.5 million in FY 2022.

Alessandro Rosso, chief executive officer of TPS, commented, "The results of the first half of the year of the TPS group reflect both the overall organic growth in production activities and the effects of the recent acquisitions of shareholdings in companies, operations that have enabled a clear strengthening of the industrial strategies of our group."

"We proceed, therefore, in our project of creating a technical and design services player of international standing and strongly oriented toward innovation, being able to count for this on the quality, commitment and professional level of our employees and the capabilities of the management team."

TPS Group's stock is down 0.9 percent at EUR5.70 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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