(Tiper Stock Exchange) – Innovateca company listed on Euronext Growth Milan and active in the energy efficiency and environmental sustainability sectors, closed its first three months of 2023 with revenues equal to 49.4 million euros, down compared to 74.1 million in the first quarter of 2022 due to the reduction of the 110% eco-bonus business.
L’EBITDA is equal to 8 million (vs 11.7 million a year ago) and follows the trend recorded by revenues, partially offset by a greater contribution to the margin for the period of the Environment and Circular Economy business compared to the Energy Efficiency business.
There Net Financial Position as at 31 March 2023 it was negative at -56.4 million, up compared to -49.7 million as at 31 December 2022. The positive cash generation guaranteed by operating profitability was put at the service of making net productive investments for around 5 million, while in the period there was an increase in net working capital of approximately 8 million attributable to the Environment and Circular Economy business.
“The results of the first quarter 2023, in line with expectationsreflect the persistence of the main elements of uncertainty that had characterized the second half of 2022 with important repercussions on some production sectors in which the group operates – commented the CEO Matteo Marini – The regulatory stop & go and the uncertainties associated with the transfer of tax credits from ecobonus has further exacerbated the context with the consequent decision not to sign new contracts unless there are bank credit lines for the transfer of credits”.
“The Environment and Circular Economy business unit, the core sector for the development of the group, has shown solidity both in terms of revenues and margins by focusing on the development of plant engineering and integration capacity of the newly acquired companies in order to create value from synergies commercial and cost,” he added.
Based on the current environment, Innovatec is confident that it can achieve progressively during 2023 an EBITDA at least equal to that achieved in 2022 with revenue volumes substantially in line with the previous year.