(Alliance News) - The board of directors of Cembre Spa on Monday approved results as of March 31, 2023 reporting a profit of EUR10.9 million up 32% from EUR8.2 million in the first quarter of 2023.

Sales revenues amounted to EUR57.8 million up 19% from EUR48.6 million in Q1 2022.

Ebitda is EUR17.8 million from EUR13.8 million up 29%.

Ebit is EUR14.7 million from EUR11.0 million in Q1 2022, up 34%.

Net financial position is EUR10.7 million from EUR16.6 million in the first three months of 2022.

The board of directors also resolved to initiate a share buyback program upon the conclusion of the buyback program initiated on April 27, 2022. This program may be implemented within 18 months from the date of the shareholders' meeting resolution of April 27, 2023.

"Despite the uncertainties that characterize the economic situation, the Cembre group's consolidated sales are estimated to grow in 2023 and to have a positive economic result," commented CEO Giovanni Rosani.

Cembre's stock trades in the green by 1.7 percent at EUR30.60 per share.

By Chiara Bruschi, Alliance News reporter

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