(Alliance News) - Vimi Fasteners Spa reported Friday that it closed the first half of the year with revenues of EUR31.2 million, up from EUR26.3 million in the same period last year.

Adjusted Ebitda rose to EUR4.1 million from EUR2.4 million, with a margin of 13.2 percent from 9.2 percent a year earlier.

Net income improved to EUR1.3 million from EUR500,000 as of June 30, 2022. As disclosed by the company, although significantly improving, the result, as in previous years, was affected by a significant level of depreciation and amortization of EUR2.2 million as of June 30, resulting from the investment plan implemented in recent years and the recognition of rental and lease contracts accounted for in accordance with IFRS16.

As of June 30, the level of net debt amounted to EUR26.6 million compared to EUR14.1 million recognized as of December 31, 2022. This change is mainly due to the recognition of Filostamp's acquisition costs, together with its contribution to the consolidated financial statements of an additional EUR2.8 million in rent and lease commitments, accounted for in accordance with IFRS 16.

Vimi Fasteners' stock closed Friday unchanged at EUR1.27 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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