(Tiper Stock Exchange) – SITa company listed on Euronext Milan and active in the production of intelligent solutions for controlling environmental conditions and measuring consumption, recorded consolidated revenues in the first quarter of 2023 equal to 83.6 million euros, recording a reduction of 10.9% compared to the same period of 2022 (93.8 million). L’Consolidated EBITDA amounted to 8.3 million euros (-43.5% compared to the same period of 2022), while theconsolidated adjusted net profit amounted to 1.3 million euros (against 5.3 million in the first quarter of 2022).
“The first quarter of 2023 saw SIT operating in a negative market environment in which inflation and high interest rates have affected the propensity to consume of end users, also influenced by the uncertainty of the regulatory framework relating to sector incentives – commented theAD Federico de’ Stefani – In this context, the Heating & Ventilation division of SIT is affected by the persistence of the destocking phenomenon, which sees an exceptionally high level of stock throughout the supply chain triggered by the volatility of the supply chain during the 2022 financial year”.
“As regards the Metering division, the Smart Gas Metering business unit has performed above expectations being able to count on a leadership position in the domestic market while the results of the Water Metering business unit are in line with expectations”, he added.
As of March 31, 2023 thenet financial debt is equal to 143.1 million against 130.5 million as at 31 December 2022 and 124.8 million as at 31 March 2022
There prediction on sales of the Heating & Ventilation Division for the year 2023 remains down on the previous year, with a possible improvement in demand by the end of the year.