(Alliance News) - FOS Spa reported Thursday that it closed the first half of the year with a net profit increased to EUR800,000 from EUR600,000 in the same period last year.

Revenues rose to EUR11.3 million from EUR7.7 million, with production value improving to EUR13.7 million from EUR9.4 million a year earlier.

Ebitda grew to EUR2.3 million from EUR1.6 million in 2022. This result was achieved mainly due to the ability to integrate the offering, further enhanced by new acquisitions, both in terms of commercial synergies and cost efficiency. Also central is the contribution on margins generated by the results obtained from the commercialization of proprietary platforms and products from the research and innovation activities of the Engineering area.

Operating income increased to EUR1.5 million from EUR1.0 million in the previous year.

Consolidated net financial position was cash positive by EUR500,000, including cash and cash equivalents of EUR9.2 million. The improvement over the value recorded as of December 31, 2022 - cash positive by EUR40,000 - stems mainly from the results achieved by the group in terms of business; however, the change that occurred in the reporting period is also affected by the impact of the buy-back activity carried out in the reporting period in the amount of approximately EUR42,000, the outlay incurred during the capital increase of the start-up Mr. Pot Still in the amount of EUR100,000 and, to a lesser extent, the work incurred on the new headquarters.

The adjusted NFP, shown without including the debt incurred to the selling shareholders of the acquired company NAeS for the deferred portion of the price of EUR1.5 million, is EUR2.0 million, an improvement over the group's adjusted NFP as of December 31, 2022 of EUR1.5 million.

FOS stock is down 7.0 percent to EUR3.18 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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