(Alliance News) - CleanBnB Spa reported that it closed the first half of the year with a value of production of EUR6.1 million from EUR3.6 million in the same period last year.

Pre-tax loss was EUR278,999 compared to EUR398,567 pre-tax red in the previous year.

Net loss narrowed to EUR292,694 from EUR407,235 as of June 30, 2022.

The increase in Net financial position to EUR7.0 million from EUR3.8 million is related to the increase in cash on hand due to the increase in turnover. Due to the company's business model, which is characterized by a positive cash cycle, the higher volume of stays managed has in fact resulted in higher receipts received from guests and thus higher cash on hand for the portion not yet paid to the owners of the managed properties. The trend in net cash will follow the Group's historical seasonal cycle of receipts, shown in the graph below, with a peak in the summer months and then contracting in the low season months between December and February.

CleanBnB trades in the green by 0.5 percent at EUR1.12 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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