(Alliance News) - The board of directors of SIT Spa has approved the consolidated results for the first nine months of 2023, with a loss of EUR19.4 million compared to a profit of EUR10.5 million for the same period in 2022.

Consolidated revenues for the first nine months were EUR242.1 million, registering a decrease of 17 percent compared to the same period 2022, when they were EUR290.4 million.

Adjusted Ebitda of EUR21.9 million is down 38 percent compared to the same period of the previous year - amounting to EUR35.6 million - and is affected by the volume effect mainly in the Heating & Ventilation division only partially offset by the Metering division and efficiency and cost containment actions.

Group operating income is particularly affected by the write-down resulting from the impairment test and declines from EUR6.5 million in the first nine months 2022 to minus EUR20.2 million in the first nine months.

As of September 30, 2023, net debt was EUR159.0 million compared to EUR130.5 million as of December 31, 2022 and EUR138.7 million as of September 30, 2022.

Looking ahead, at the consolidated level, sales performance in the year compared to the previous year is expected to decline between 18 percent and 21 percent.

Adjusted Ebitda is expected to be between 9 percent and 10 percent for the full year 2023. Net financial debt is expected to be in line with what was reported in the first half of 2023, amounting to about EUR150.0 million.

SIT on Thursday trades in the green by 1.9 percent at EUR2.10 per share

By Maurizio Carta, Alliance News reporter

Comments and questions to redazione@alliancenews.com

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