(Alliance News) - Tenax International Spa reported Friday that it closed the first half of the year with a return to profit of EUR200,000 from a loss of EUR150,000 in the same period last year.

Production value rose to EUR10.2 million from EUR7.2 million while sales revenue increased to EUR9.0 million from EUR6.4 million.

Ebitda improved to EUR760,000 from EUR370,000, with the margin on production value rising to 7.5 percent from 5.1 percent in the previous year. Operating income, on the other hand, rose to EUR445,679 from EUR24,517.

The company's Net Financial Position amounted to EUR5.1 million, up from EUR4.4 million as of December 31, 2022; this increase was mainly due to three factors: the sharp increase in turnover; the increase in inventories due to the delay in the production plan in the first six months of the year; and investments made mainly for new product development.

Tenax International's stock closed Friday up 1.9 percent at EUR3.30 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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