(Alliance News) - Tesmec Spa reported Friday that it improved its loss in the first quarter of the year to EUR1.1 million from a loss of EUR2.5 million as of March 31, 2023.

Revenues for the period stood at EUR59.3 million, up 3.2 percent from EUR57.5 million in 2023.

Ebitda as of March 31 was EUR9.0 million, up 21 percent from EUR7.5 million in the same period last year.

Ebit was EUR3.1 million, up 62 percent from EUR1.9 million as of March 31, 2023.

Net financial debt was EUR167.1 million compared to EUR114.3 million as of Dec. 31, 2023.

The company reported that the total order backlog stands at EUR390.6 million from EUR401.3 million as of March 31, 2023.

In addition, the 2024 outlook was confirmed for which revenues are expected to grow by more than 10 percent from FY2023, Ebitda margin and NFP to improve from Dec. 31, 2023.

Tesmec trades up 2.1 percent at EUR0.09 per share.

By Claudia Cavaliere, Alliance News reporter

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