(Alliance News) - Websolute Spa reported Wednesday that it ended the first half of the year with revenues and value of production little changed year-on-year and profits up sharply.

Revenues from sales and services fell slightly, to EUR10.3 million from EUR10.5 million, and production value fell by EUR400,000 to about EUR11.2 million. As the company points out, the result is to be regarded as positive considering the negative effects on the economy and companies in all commodity sectors domestically and internationally, originating from the Russia-Ukraine conflict and even speculative tensions on the energy cost and inflation front.

Ebitda rose to EUR1.4 million from EUR890,000 in the previous year, with the margin increasing to 12.4 percent from 8.0 percent.

Operating income was EUR210,000 positive from EUR80,000 operating loss a year earlier, pre-tax profit of EUR120,000 compares with EUR120,000 pre-tax loss from last year and improves net loss to EUR96,000 from EUR210,000 a year earlier.

Net financial debt is EUR2.5 million, a 22 percent improvement from EUR3.2 million as of Dec. 31, 2022. During the first half of the year, operating activities generated a decrease in cash and cash equivalents of EUR915,806, a figure that, taking into account the existing cash and cash equivalents as of June 30, 2023 of EUR3.1 million, "confirms the excellent cash elasticity."

The decrease in cash and cash equivalents originated from the decision to reduce bank borrowings and the execution of debt payments for extraordinary M&A transactions and the purchase of treasury shares made during the period.

Websolute's stock is up 3.2 percent at EUR1.96 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

Comments and questions to redazione@alliancenews.com

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