(Alliance News) - Yolo Group Spa reported Wednesday that it closed the first half of the year with revenues up sharply year-on-year to EUR3.9 million from EUR1.5 million in the same period last year.

Ebitda is negative EUR1.2 million and worsens from negative EUR900,000 a year earlier while the oeprative loss increases to EUR2.4 million from the operating red of ERU1.5 million a year earlier.

The net loss also widens, to EUR1.8 million from EUR1.2 million a year earlier.

Net financial position as of June 30 shows net cash of EUR2.2 million, up from EUR600,000 in the same period last year. The cash absorption was mainly driven by investment activities in R&D, the acquisition of control of Allianceinsay Broker Spa and the strengthening of the organizational structure.

"In a market scenario that is still expected to be difficult due to the economic slowdown, Yolo believes it will be able to continue its growth path by meeting the targets set in the plan," the company explained.

Yolo's stock is unchanged at EUR3.70 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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