(Alliance News) - The board of directors of Eurotech Spa reviewed and approved the results for the first six months, a period that ended with a net result of a loss of EUR940,000, compared with a negative EUR4.26 million in the first six months of 2022.

Revenue in the first six months of 2023 was EUR47.9 million compared to EUR34.74 million in the first six months of 2022.

Ebitda in the first six months 2023 amounted to EUR2.70 million - or 5.6 percent of revenues), - compared to minus EUR1.57 million in 2022.

Ebit for the first six months, i.e., operating income was substantial break-even at EUR13,000 compared to minus EUR3.99 million in the first six months of 2022.

The Group had net financial debt of EUR18.7 million as of June 30, 2023, compared to an amount of EUR14.4 million as of December 31, 2022. The change in the net financial position was mainly due to an increase in net working capital.

Looking ahead, the company writes that "Barring a resurgence of the component shortage phenomenon that is not foreseeable to date, the fourth quarter will be significantly stronger than the third quarter and, as historically recorded, is likely to be the strongest of the year."

Eurotech closed Thursday's session 2.2 percent in the red at EUR3.08 per share

By Maurizio Carta, Alliance News reporter

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