SIT Q1 Report 2024

“In line with what we communicated a few days ago when approving the 2023 draft Annual Report, the first quarter of 2024 sees the results of the Heating & Ventilation Division declining, even if slightly better than the internal expectations for the first three months of the year. Regarding the group’s goals for 2024, we confirm the focus on growing margins and improving the financial position. The fundamentals of the Metering Division, both for water and gas, are positive.

I would like to emphasize the company’s great commitment towards sustainability, which has remained unchanged despite the many challenges posed to us by the external context. The recent Gold rating awarded to us by EcoVadis is a recognition of our outstanding achievements in the ESG area.” 

Highlights

  • Consolidated revenues of Euro 69.0 million (-17.4% compared to the same period in 2023);
  • Heating & Ventilation Division sales: Euro 47.9 million (-23.6% compared to the same period in 2023);
  • Metering Division sales of Euro 20.7 million (+1.4% compared to the same period in 2023), of which Smart Gas Metering sales Euro 13.4 million (-2.4%) and Water Metering Euro 7.3 million (+9.1%);
  • Consolidated EBITDA of Euro 6.4 million (-23.4% compared to the same period in 2023);
  • Consolidated net result reports a loss of Euro 1.8 million (net profit of Euro 1.3 million in first quarter 2023);
  • Operating cash flow of the first quarter 2024 of Euro -7.6 million, after capex for Euro 4.4 million;
  • Net financial position of Euro 161.1 million against Euro 153.7 million at December 31, 2023. 

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