Adjusted Ebitda improved by 35% in the 1H24. Order backlog at 783 million

The Board of Directors approved the Consolidated Half-Yearly Financial Report for the period ended 30 June 2024.

 Consolidated Adjusted EBITDA at 30 June 2024 stood at 13.2 million Euro, up 34.7% from 9.8 million Euro at 30 June 2023. 

Revenues for the first six months of the year stood at 185.6 million Euro, showing a slight decrease (3.1%) compared to the first half of 2023, mainly due to a shift in the timescale of the deployment of some projects in Talenta and Mestieri divisions, offset by a sharp increase in revenues in Horizons division following an increase in refitting volumes in the naval sector.

 Oscar Marchetto, Chairman of Somec stated: “In the first half of the year we implemented several strategies that led to an improvement in our performance in terms of both cash generation and margin recovery. The strategic choices made in the recent past, starting with the reorganisation of the Group into the current three Business Divisions, have proved successful and have allowed us to balance out the different performance rates of the business areas in which we operate. In addition, the efforts made by the new managers that have joined our Group is allowing us to focus on recovering operational efficiency and margins. Thanks to all these aspects, underpinned by a significant order book, enable us to look to the second half of the year with confidence”.

The Group’s total backlog at 30 June 2024, which will be developed over a time horizon from the current financial year to 2031, stood at 783 million Euro, of which 26.9% under option