(Alliance News) - Technoprobe Spa on Tuesday reported consolidated revenues of EUR307.3 million for the first nine months of the year, down 28 percent compared to the same period in 2022, "mainly due to the general contraction of the target market and in particular consumer demand for devices such as smartphones and computers," reads the company's released note.

Volumes are further depressed by the high level of inventories of devices themselves recorded by customers.

Consolidated Ebitda as of Sept. 30 was EUR100.5 million, down 48 percent compared to the same period in 2022 as a result of lower actual volumes, records a margin of 33 percent.

"The reduction in margin compared to the previous year also reflects the company's strategic decision to maintain the current production structure and resources employed in order to ensure an adequate response to the expected recovery in volumes," the company explains.

As of September 30, the Consolidated Net Financial Position shows a positive value of EUR355.0 million: in the nine-month reporting period, cash used for the acquisition of Harbor Electronics of EUR43 million, for investments made during the period of EUR41.0 million mainly concerning operations to upgrade production lines, for the payment of current taxes of EUR39.0 million and for the purchase of treasury shares of EUR11.7 million was partially offset by cash generated from operating activities of EUR89.0 million.

Technoprobe trades down 1.5 percent at EUR7.64 per share.

By Claudia Cavaliere, Alliance News reporter

Comments and questions to redazione@alliancenews.com

Copyright 2023 Alliance News IS Italian Service Ltd. All rights reserved.