(Alliance News) - Avio Spa reported Wednesday that it closed the first quarter with net revenues of EUR78.8 million, up 32 percent from EUR59.8 million as of March 31, 2023.

Order backlog amounted to EUR1.37 billion from EUR1.35 billion in Q1 2023.

Reported Ebitda is EUR1.6 million from EUR1.3 million, while adjusted Ebitda is EUR3.4 million from EUR1.6 million in 2023.

Reported Ebit is negative EUR2.8 million from negative EUR3.5 million in 2023, while adjusted Ebit drops to minus EUR1.0 million from negative EUR2.1 million.

Net Cash Position is EUR8.6 million, down EUR66.6 million as of Dec. 31, 2023.

The company said that the guidance for annual results 2024 announced in March has been confirmed.

Giulio Ranzo, chief executive officer of Avio, commented, "The choice of the Vega C to launch the SMILE science mission is a further incentive to continue the work initiated for its return to flight on schedule."

"The static ignition test of the new Zefiro 40 engine is scheduled before summer. We are also ready to see Ariane 6 leave the launch pad together with our partners to return, together with Vega C, autonomous launch capability to Europe."

On Wednesday, Avio closed 0.2 percent in the red at EUR11.56 per share.

By Claudia Cavaliere, Alliance News reporter

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