(Finance) – Ircea group listed on Euronext STAR Milan and operator in the sector of conductors for winding electrical machines and in the sector of electric cables, closed the first semester of 2022 with a consolidated turnover of 261 million euros, up by 14.5% compared to the first half of 2021, due to the increase in the price of copper. L’EBITDA was € 8.5 million, down by 8.5%, while theNet income was 4.2 million euros, down 2.5%.
The half-year report was negatively affected by the strong growth in the cost of raw materials and especially of electricityemphasizes the company, despite the continued transfer of the cost increase to the market with the aim of limiting the negative impact on margins as much as possible.
“In addition to the increase in production costs, there has been a slowdown of the request in the business area of winding conductors with consequent contraction in volumes, which was accentuated in the second quarter – reads the note on the accounts – As regards the cables business area, volumes remained at the levels of the first half of 2021 “.
L’net financial debt at 30 June 2022 it amounted to 85.29 million euros, an increase compared to the 64.29 million at 31 December 2021, mainly in relation to the increase in working capital.
As regards the outlook, Irce affirms that, “while waiting to know what further measures will be adopted by the EU and the European governments to reduce the impact of price increases, it is very difficult to make reliable forecasts for the rest of the year. To date, it is a contraction in demand and margins is expected compared to the first half of 2022“.