(Alliance News) - Inwit Spa reported Tuesday that it closed the first quarter with revenues of EUR254.6 million compared to EUR233.6 in the same period last year.

Consolidated revenue growth in the first quarter of 2024 stood at 9.0 percent year-on-year, driven by growth in hospitality with all major customers, the positive impact of inflation, and the development of indoor covers and new services. Thus, Inwit's organic revenue growth of 9.1 percent continued, which, together with continued lease cost efficiency, led to an expansion of the EbitdaaL margin by 1.4 percentage points, for an increasing revenue ratio from 70.9 percent to 72.2 percent.

Ebitda increased to EUR233.0 million from EUR213.8 in the previous year while operating income rose to EUR137.8 million from EUR122.5 million.

Net income increased to EUR89.7 million from EUR82.9 in the first three months of 2023.

Recurring free cash flow for the first quarter of 2024, stood at EUR150 million, up 9.7 percent from the same period in 2023, mainly due to growth in Ebitda; net financial debt, at EUR4.19 billion, is therefore slightly down 0.4 percent from the December 2023 figure of EUR4.21 billion, given the company's cash generation; financial leverage improving to 4.5 times in terms of the ratio of net debt to Ebitda compared to 4.7 times in the fourth quarter of 2023.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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