Despite the Covid, they keep the accounts of the Trevi group, an Italian company specializing in underground engineering with important orders all over the world. Shortly before the pandemic, Trevi had changed its governance, benefiting from a capital strengthening due to the entry into the capital of Cdp and Intesa Sanpaolo: the company also grew a lot on the Stock Exchange in the first semester this year, though inevitably paying for the slowdown in business due to the health emergency. Despite this slowdown, in the first 6 months of 2020 Trevi saw Ebitda rise by 43% to 34,3 million euros, with revenues however falling by 21% below 300 million and net profit falling by 25 million to 251,5 million euros.
In the first half he also managed to grow the portfolio of acquired works, from 374 million on 31 December 2019 to exceeding the threshold of 400 million on 30 June last. Even if the orders acquired in the first half of the 2020 financial year amount to approximately 237,9 million euros, down by approximately 70,8 million compared to the same period of the previous year. Ebit as at 30 June 2020 was equal to 7,2 million euros, an improvement compared to the figure for the same period of the previous year equal to -13 million euros. The overall effects of the debt restructuring amounted to 279,5 million euro.
“During the first half of 2020 - explains a note - Trevi completed the process of capital strengthening and financial debt restructuring that began in 2017, also tackling the management challenges posed by the Covid-19 pandemic. The reduction in revenues is essentially due to the lower volumes of orders acquired in the first half of 2020 at an international level, which in turn mainly result from the negative effect caused on the global economy by the Covid-19 pandemic. In fact, the pandemic had very significant effects until May 2020, causing suspensions or slowdowns of work in many construction sites and, in general, for most of the production activities. Nonetheless in the first half of 1 the growing trend continues in the European market: particularly in Italy, Montecarlo, France, Germany and Norway”.
Positive and better than expected results reward the stock on the stock exchange with an increase of +7,6% to 0,0155 euro.
“Despite the unexpected and devastating spread of the pandemic – he commented Giuseppe Caselli, Chief Executive Officer of the Trevi Group – it was possible both to complete the capital strengthening of the company thanks to the sale of Oil&Gas and to the capital increase and to improve the recurring Ebitda and the operating result compared to the previous year. These are positive results, far from obvious, which confirm that the all-round work begun on process renewal, product refinement, a different approach to the markets and particular attention to the cost optimization process together with the improvement of efficiencies production is giving the first encouraging results. In the coming months, the construction and infrastructure market will be able to benefit, not only in Italy but also in the international areas where we are already present, from impressive post-Covid relaunch actions and we are working to get to these appointments in the best possible way".
