(Alliance News) - ENAV Spa on Monday reported that it closed the first half of the year with a consolidated profit of EUR23.0 million from EUR18.4 million as of June 30, 2023.

Revenues for the period stood at EUR461.3 million from EUR436.6 million in the first half of 2023.

Ebitda as of June 30 was worth EUR99.9 million from EUR94.7 million with a margin of 21.6 percent from 21.7 percent in 2023, while Ebit amounted to EUR42.7 million from EUR33.0 million and a margin of 9.3 percent from 7.6 percent.

The company reported that route and terminal traffic increased by 10.9% and 11.5% respectively in terms of service units compared to the first half of 2023.

Free Cash Flow stood at EUR28.3 million, a marked improvement from the negative EUR3.2 million in the first half of 2023.

CEO Pasqualino Monti commented, "The first half of the year has seen an important progression in traffic volumes with peaks of more than 20 percent compared to last year. An unexpected number of flights that far exceeded the most optimistic forecasts. Italy is confirmed as the country with the highest growth rate among the major European states. From a financial point of view, the group is generating an important volume of revenues with excellent margins."

"We have accelerated investments to enhance our technological infrastructure, which is functional for the continuous improvement of air traffic management operational performance. Last March, almost two years ahead of EU regulations, we were the first in Europe to introduce the free route procedure from an altitude of 6,500 meters, thanks to which, this year alone, we expect flight time and fuel savings of about 90 million kilograms. We are resolutely continuing on the implementation of the technical operational plan to better support the industry with increasingly efficient and flexible services."

ENAV gives up 5.4 percent to EUR3.68 per share.

By Claudia Cavaliere, Alliance News reporter

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