Continued growth SIT, a company specializing in the field of energy efficiency and passed from the AIM market of Borsa Italiana to the MTA market a few days ago. SIT communicated in a note that it recorded growing financial results in the third quarter of this year: in particular, compared to the same period of 2017, revenues increased by 14%, while it recorded a real boom in the net result , which went from less than 1,5 million a year ago to the current 16,5 million euros.
In detail, the revenues recorded in the third quarter amounted to 269,4 million, with organic growth of 14,3% (equal to €33,6 million) compared to the third quarter of 2017 (€235,8 million). At constant exchange rates, growth is equal to
15,7%. Adjusted EBITDA was €38,5 million, up 8,2% organically (+8,8% at constant exchange rates) from €35,6 million. The trend of adjusted EBITDA, lower than the growth in turnover, was affected by extra costs and inefficiencies due to production capacity limitations in the face of increased demand and the impact of exogenous factors such as the increase in the cost of electronic components and raw material.
Financial income refers for €5,9 million to the change in the fair value of the SIT Warrants and Performance Shares and for €0,5 million to the change in the fair value of existing interest rate swaps. THEThe net result is equal to 16,5 million and compared to the result of the same period of the previous year, adjusted for the effects of the accounting of the merger operation with the SPAC, it is up by 18 million.
The net financial position as at 30 September 2018 is equal to 92,4 million, was equal to 65,1 million as at 31 December 2017 and 83,8 million as at 30 September 2017. The increase compared to the end of 2017 is mainly due to the investments made (21,9 million vs. 9,5 million in 2017), the increase in trade net working capital (net increase of 28,2 million) and finally the financial impact of non-recurring charges of 4 million.
After the publication of the accounts, the SIT share in Piazza Affari travels in slightly negative territory, around the value of € 8,1 per share.
