(Alliance News) - Esautomotion Spa reported Thursday that it closed the first half of the year with revenues of EUR19.3 million from EUR16.5 million in the same period last year.

Ebitda rose to EUR5.4 million from EUR4.5 million while operating income increased to EUR4.6 million from EUR3.7 million.

Net income increased to EUR3.5 million from EUR2.8 million.

Net cash position of EUR10.0 million takes into account distributed profits of EUR1.3 million and the reserve for treasury stock of EUR1.0 million.

"Component shortages continue to cause working capital requirements due to semiconductors purchased in advance to meet market shortages and orders awaiting completion, accounts receivable due to revenue growth, and accounts payable due to prepayment of otherwise unavailable components. The components market appears headed toward a return to normalization," the company said.

Esautomotion's stock closed Thursday up 1.4 percent at EUR4.45 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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