(Alliance News) - Seco Spa announced Tuesday that its board of directors approved the half-year report as of June 30, reporting a profit of EUR10.0 million up from EUR6.8 million in the same period last year.

Adjusted net income rose to EUR12.6 million from EUR8.6 million, an increase of more than 46 percent.

Sales revenue is EUR111.9 million, up 19 percent from EUR94.1 million in the same period last year. This increase, the company explains in a note, is related to significant growth in sales volumes in EMEA, the US and APAC.

Adjusted Ebitda amounted to EUR26.5 million in the first six months - about 24 percent of revenues - up from EUR20.1 million compared to the same period in 2022. This development, the company points out, is largely explained by the business volume expansion observed in the period.

Operating income amounted to EUR15.6 million from EUR11.8 million in the same period last year, and adjusted Ebitd amounted to EUR18.0 million from EUR13.9 million as of June 30, 2022, an increase of 29 percent.

Adjusted net debt changed to a net debt of EUR60.2 million as of June 30 from a net debt of EUR118.8 million as of Dec. 31, 2022.This change is mainly related to a capital increase totaling EUR65.0 million carried out by 7-Industries BV.

The board also appointed Lorenzo Tosi as head of Investor Relations activities.

As for the future, "despite expectations of a general economic slowdown, in a scenario characterized by still sustained inflationary levels and high interest rates, Seco's strategic positioning and the uniqueness of its offering, together with the amount of the order book, the new projects that will enter mass production and the volumes of negotiations in place, make us confident about the prospects for the full year 2023. Therefore, Seco believes it can continue to express a significant organic growth trend and robust margins in the coming quarters of the year, also thanks to a capital structure with recovered flexibility."

Seco's stock is down 0.4 percent at EUR4.19 per share.

By Chiara Bruschi, Alliance News reporter

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