(Alliance News) - Avio Spa announced Friday that its board of directors approved the half-year report as of June 30 reporting a loss of EUR3.9 million improving from a negative EUR7.6 million in the first half of 2022.

Revenues amounted to EUR157.7 million up 18 percent from EUR133.5 million in the same period of 2022.

Order backlog is EUR1.37 billion up more than 35% from December 31, 2022.

Ebitda is EUR5.2 million improving from EUR3.2 million in the same period of 2022.

Ebit is negative EUR3.9 million from negative EUR6.2 million in the first half of 2022.

Net Cash Position is positive EUR102.2 million from EUR74.4 million in December 2022 and EUR40.9 million in June 2022, mainly due to advances received related to development projects under PNRR.

The company, therefore, confirmed full-year guidance: order backlog between EUR1.15 billion and EUR1.25 billion, revenues between EUR330-350 million, Ebitda between EUR19 and EUR25 million, and net profit between EUR2 and EUR6 million.

Giulio Ranzo, CEO of Avio, commented, "The first-half figures show a substantial increase in order backlog and net cash, both for the space and defense business, and provide better visibility into the future. Profits improved compared to the first half of 2022 due to a lower impact of energy costs on industrial operations. The launch of Vega is scheduled for early October, the next in spring 2024, while the return to flight of Vega C is awaiting the results of the Independent Commission of Inquiry regarding the anomaly of the static test of the Zefiro 40 engine expected by September."

Avio's stock on Friday closed in the green by 0.1 percent at EUR8.69 per share.

By Chiara Bruschi, Alliance News reporter

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