(Alliance News) - Tecma Solutions Spa announced Wednesday that its board of directors approved the half-year financial report as of June 30 reporting a loss of EUR4.3 million, doubled from the net loss of EUR2.0 million reported as of June 30, 2022.

Value of production for the first half amounted to EUR6.81 million, in line with the EUR6.88 million realized as of June 30, 2022.

Ebitda is negative EUR1.5 million down from negative EUR600,000 in the first half of 2022.

Ebit is negative EUR3.8 million from a negative value of EUR2.3 million in H1 202220, mainly due to depreciation of investments in the technology platform made in the past years.

Net financial position amounted to EUR2.3 million from a negative EUR2.0 million as of Dec. 31, 2022. The company reports that during the first half of the year it signed a new medium- to long-term bank loan with Intesa Sanpaolo in the amount of EUR2.5 million and repaid maturing debts of approximately EUR520,000.

As for the future, the group will "set its sales and marketing strategy to seize the important opportunities present in the real estate sector, with particular attention to the foreign market. This strategy will, in a special way, be directed at commercial expansion in the U.S. area, as well as in some of the main countries in the Middle East and Europe." Thus, the company expects to end the year with a 5-10% growth in core business revenues compared to the year 2022.

In addition, as per the strategic program announced on May 30, "the group intends to complete during the year a reorganization of some corporate functions and structures, with the aim of improving its profitability. The Ebitda of the core business -- in the first half of the year negative EUR1.6 million from negative EUR720,000 million in the first half of 2022 -- is therefore expected to improve from the previous year."

Tecma Solutions' stock on Wednesday closed in the green by 0.6 percent at EUR3.48 per share.

By Chiara Bruschi, Alliance News reporter

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