(Alliance News) - Gambero Rosso Spa reported Tuesday that it closed the first half of the year with profits and revenues up year-on-year.

In detail, revenues increased to EUR9.1 million from EUR8.2 million a year earlier, with International Promotion&vent revenues making the largest contribution at EUR5.0 million. The only decreasing figure among revenues relates to TV&Digital, with und ecrease to EUR2.1 million from EUR2.3 million. Content, Education and Partnerships did well.

Ebitda rose to EUR2.5 million from EUR2.3 million, with the margin increasing to 27.6 percent from 27.1 percent in the same period last year. Operating income rose to EUR1.3 million from EUR1.1 million.

Net income improved to EUR600,000 from EUR520,000 a year earlier.

Consolidated net financial debt as of June 30, 2023 was EUR14.5 million compared to EUR8.8 million as of December 31, 2022. NFP is affected by the application of IFRS 16, which came into effect on January 1, 2019. As of June 30, the effect of IFRS 16 amounted to EUR6.5 million following the renewal of the Rome office lease for an additional nine years and amounted to EUR700,000 as of December 31, 2022. Therefore, net of the effects of IFRS 16, the group's financial debt as of June 30 would have been EUR8.0 million, in line with the figure as of Dec. 31, 2022.

Gambero Rosso's stock closed Tuesday down 2.1 percent at EUR0.46 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

Comments and questions to redazione@alliancenews.com

Copyright 2023 Alliance News IS Italian Service Ltd. All rights reserved.