SIT Half-Year Report 2024
Federico de’ Stefani, Chairman and Chief Executive Officer of SIT stated: “The market scenario represented in the previous reporting moments has remained unchanged and is affected by a prolonged weakness which, associated with the persistence of the destocking effect, translates into limited business visibility for the short to medium term. Currently, there is no significant segment of the Heating & Ventilation market that is showing structural recovery. Regulators, market participants and consumers, after a period of high volatility and market disruption, do not show a definitive and clear trend, which therefore leads to delays in decision making and investments.
Highlights, in the first half of 2024 SIT achieved:
- Consolidated revenues of Euro 150.9 million (-9.6% compared to the first half of 2023);
- Heating & Ventilation Division sales of Euro 103.5 million (-16.1% compared to the first half of 2023);
- Metering Division sales of Euro 45.8 million in the first half of 2024 (+8.2% compared to the same period of 2023), of which Smart Gas Metering sales of Euro 31.5 million (+6.6%) and Water Metering of Euro 14.3 million (+11.7%);
- Consolidated EBITDA of Euro 13.5 million vs Euro 13.2 million compared to the same period of 2023;
- Consolidated net income adjusted of Euro -3.1 million, 2.1% of revenues vs Euro 1.6 million of the first half 2023, 1.0% of revenues;
- Consolidated net income of Euro -6.1 million, 4.1% of revenues vs Euro -18.1 million of the first half 2023, 10.9% of revenues;
- Cash flow from operations for Euro -2.1 million after capex for Euro 9.4 million;
- Net financial debt at Euro 160.9 million (Euro 146.4 million at 30 June 2023).
