(Alliance News) - The board of directors of Avio Spa on Tuesday reviewed and approved its results for the first quarter of 2023, in which it reported revenues of EUR59.8 million, down 9.2 percent on the first quarter of 2022.

Reported Ebitda was EUR1.3 million, up from the first quarter of 2022 mainly due to the positive effect of reduced energy costs and development projects. The figure is up from EUR1.1 million in 2022.

Ebit on the other hand is negative EUR3.5 million, while last year in the same period it was EUR1.7 million.

Net Cash Position is EUR57.4 million compared to EUR74.5 million in December 2022 and EUR28.5 million in March 2022.

The company confirms the guidance for 2023 announced last March.

Avio ended Tuesday's session in the red by 0.4 percent at EUR9.39 per share

By Maurizio Carta, Alliance News reporter

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