(Alliance News) - The board of directors of Convergenze Spa on Thursday approved the interim financial statements as of June 30, reporting a profit of EUR47.3 million from a loss of EUR429,000 in the first half of 2022.

Value of production amounted to EUR10.5 million, down from EUR12.7 million in the first half of 2022. Sales revenue as of June 30 was EUR10.4 million, down 17 percent from the same period in 2022, when it was EUR12.5 million.

Ebitda is EUR1.3 million, up from EUR486,000, from the same period in 2022.

Also improving is adjusted Ebitda, up to EUR1.3 million from EUR600,000 in the first half of 2022, and adjusted Ebitda margin of 12.5 percent from 5.0 percent in the first half of 2022 on value of production. Specifically, the company explains, the TLC business unit's adjusted Ebitda remains largely unchanged while the Energy BU's adjusted Ebitda is close to parity from a negative EUR700,000 in H1 2022. "From the point of view of margins, the Energy business unit registers a significant recovery reaching a value close to parity in the first half of 2023," the company points out.

Ebit is EUR398,000 from a negative EUR265,000 in the first half of 2022.

Net financial position is EUR6.5 million from EUR6.1 million as of Dec. 31, 2022.

Convergences on Thursday closed 1.9 percent in the red at EUR2.10 per share.

By Chiara Bruschi, Alliance News reporter

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