"Ability to adapt, solid relationships with customers and smart working: despite the global pandemic, the company's reaction has been good": this is how the press release from Sit begins, the Padua-based company leader in the gas boilers and counters. Listed on the Stock Exchange, Sit is therefore reacting to the crisis, even if the accounts for the first quarter could not help but record a small slowdown: the consolidated net profit still exceeds 4 million euros, but revenues fell by 8,9% to 73,4 million and consolidated EBITDA of 28,6% to 8,9 million. The net financial position was very good, which as at 31 March 2020 amounted to 101,6 million (91,6 million in the first quarter of 2019) in light of the strong support for strategic suppliers in the Italian and foreign production chain.
The contrasting results are obviously determined, in particular, by the gas boiler market which fell by 4,2% in the main European countries, while the decline in the Smart Gas Metering division is attributable to the suspension of residential installation activities at the beginning of the lockdown. "During which, however - Sit pointed out - the company ensured operational continuity and maintained solid relationships with customers". For the next few months, the Board has said it can count on a further one liquidity ceiling guaranteed by the banking system, and also approved the launch of the treasury share buyback programme.
“Despite the visible impact of the Covid-19 emergency on the first quarter results, he commented the president and CEO Federico de' Stefani -, SIT has managed to maintain operations and to further consolidate relations with customers” he declared. “The responsiveness of the company, the availability of the people, the ability to adapt in a global pandemic context were not obvious reactions. I am very satisfied with how we managed to respond to the phase of great uncertainty that occurred, quickly adopting new behaviors without being afraid to change. Smart working, thanks to a pilot project launched in 2019, has worked very well and we will continue to adopt it for all roles for which it is possible and for as long as necessary".
“Although we expect a further worsening of the economic crisis – added de' Stefani – whose duration we cannot predict, we believe that our products remain at the heart of household habits all over the world. Today our homes have also become our offices, our gyms, our favorite restaurant; the uncertainty of the evolution of the pandemic means that families are increasingly using systems to control the energy conditions of homes. I hope that, in this sense, government measures such as the proposal of the superb construction bonus can represent concrete help towards solutions aimed at improving energy efficiency, helping our economy to restart from a key sector such as the one in which we operate".
