Sit, a Padua-based company listed on the MTA that develops, engineers, produces and distributes solutions and components for industrial applications, has released its first half 2019 accounts.
In the six months in question, Sit recorded revenues of 167,2 million euros, down by 4,6% compared to the same period of 2018. The EBITDA amounted to 21,1 million (12,6% of revenues), up 5,5% on the 20,0 million euros of the first half of 2018 (11,4% of revenues), and includes the effect of the first application of IFRS 16 equal to +1,3 million.
THENet income consolidated amounted to 4,5 million (2,7% of revenues) with a reduction of 3,9 million compared to the first half of 2018.
The results achieved highlight the different performance of the two divisions of the Group, as commented by the president and managing director of SIT Federico de' Stefani: “After five years of organic growth in Heating sales at a compound annual average rate of 3,6% (4,8% in the last three years), 2019 will be affected by the uncertainty of the international macroeconomic context and the lack of incentive policies in some countries, with a consequent impact on growth rates. In the first half of 2019, the Heating Division continued to make significant progress on the American market while it felt the effects of the downturn in the regulated markets in Turkey and China as well as the negative economic situation in some European countries".
Speaking in figures, the Heating division in the first half of the year recorded sales of 123,1 million, a figure that represents a decrease of 12,8% compared to the first six months of 2018 “mostly due to the decrease recorded in regulated areas such as Turkey (-10,1 million) and China (-2,7 million) and in the areas correlated to the latter in terms of exports”, explains Sit in a note. market where sales rose by 16,1%.
Boom of Smart Gas Metering division, whose sales rose by 29,6 to 32,7 million euros.
“The Smart Gas Metering Division”, continued de' Stefani, “confirms the forecasts for growth in the Italian market with a 29,6% increase in revenues in the first half compared to the same period of 2018. The order backlog acquired as at 30 June supports the excellent prospects of this business for 2019. With the new Management Team we are preparing the new version of the strategic plans on the possible development scenarios of the Group which will have particular emphasis on innovation projects and the development of new products".