(Alliance News) - Ratti Spa reported Wednesday that it closed the first half of the year with a loss of EUR700,000, an improvement from the negative result of EUR900,000 in the first half of 2022.

Revenues amounted to EUR44.6 million, up from EUR39.0 million in the first half of 2022. Sales showed a widespread increase in almost all business areas. The increase was driven by the performance of the Luxe, Studio and Carnet Poles. Sales of the Rainbow Polo declined, mainly as a result of the policy of shifting supplies to lower-cost geographic areas followed by the large fast-fashion groups, due to the well-known events of rising input prices.

Depreciation and amortization for the period amounted to EUR2.3 million and was EUR200,000 higher than in the corresponding period of the previous year.

Ebitda thus amounted to EUR2.1 million - 4.7 percent of sales - , which compares with EUR1.2 million in the first half of the previous year, accounting for 3.1 percent of sales.

Operating income is negative EUR500,000, improving from a negative Ebit of EUR900,000.

Net financial position changed to negative EUR7.7 million from minus EUR5.2 million as of Dec. 31, 2022, after distributing dividends of EUR2.7 million.

Regarding the rest of the year, the company specifies that "the progression of orders to date is maintaining a positive trend compared to the same months of the previous year" and reports "however, a slowdown in order intake in July, also confirmed in this last month of September, which, together with a global macroeconomic context of high uncertainty, suggests maintaining a vigilant level of prudence."

Ratti's stock gives up 11 percent to EUR2.47 per share.

By Chiara Bruschi, Alliance News reporter

Comments and questions to redazione@alliancenews.com

Copyright 2023 Alliance News IS Italian Service Ltd. All rights reserved.