(Alliance News) - Defence Tech Holding Spa reported Wednesday that it closed the first half of the year with a net profit down to EUR1.6 million from EUR2.1 million.

The net result did not benefit from the strong performance of revenues, which rose to EUR9.9 million from EUR9.4 million in the same period last year.

Adjusted Ebitda -- which excludes nonrecurring costs and bank fees -- rose to EUR4.2 million from EUR4.1 million, with margin up to 40.2 percent from 37.0 percent.

In contrast, adjusted Ebit fell to EUR3.1 million from EUR3.3 million due to higher depreciation and amortization. Pre-tax profit falls to EUR2.2 million from EUR2.6 million.

Net financial position is positive and stands at EUR3.9 million compared to EUR5.8 million as of Dec. 31, 2022, down slightly due to higher investments made in M&A - the target Innodesi was acquired at the end of May for EUR400,000 - and in proprietary technologies.

In the first half of the year, the company completed its headquarters with an amplifying effect on production capacity, which doubled as a result. Of the EUR4.6 million in investments made during the first half of the year, EUR3.5 million was used to complete the portfolio of high-tech proprietary products.

Defence Tech Holding's stock closed Wednesday up 0.5 percent at EUR4.00 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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