Cenergy Holdings reported a strong set of first half interims, while it  guided for a “strong full year financial outlook.” It reietarted the full-year guidance for adjusted EBITDA in the range of 180-200 million euros. 

 

Net profits rose to 30.9 million euros, up from 23.6 million euros in the year-ago period.  

 

“Improved margins in steel pipes and cables products business drove operational profitability (adjusted EBITDA) at 86 million euros, based on strong projects execution,” Cenergy said. In the second quarter alone, adjusted EBITDA rose 45% y-o-y

 

Revenues grew 21% y-o-y to 798 million euros. 

 

Order backlog reached 2.5 billion as of 30 June 2023 from 2 billion at end -2022. 

 

However, Cenergy reported negative cash flow “as the positive earnings contribution (after adjustment for WC needs) was more than outweighed by elevated interest charges and related expenses.” 

 

Net debt rose to 527 million euros from 438 million euros at end 2022.