T.P.S. – Initiation of coverage 26.09.2017
1H17 sales rose by 12,3% YoY to €8,9 mln, while Ebitda rose by 8,3% to €2,0 mln (Ebitda margin is 21,9% vs, 22,7% of 1H16).
Sales growth is mainly due to the acquisition of ICB Srl. Compared to the scope of consolidations of 1H16, TPS S.p.A. and Adriatech more than offset the temporary reduction in revenues ofthe indirect subsidiary Aviotrace Swiss SA following the completion of a translation training contract. Lower Ebitda margin of 1H17 than 1H16 is due to the growth of personnel costs followed the consolidation of ICB Srl and the hire of high professional level workers in TPS and Adriatech to develop new project.Net cash improve to €1,8 mln (from debt of €0,3 mln FY16) also thanks to proceeds of IPO of €2,9 mln and operative free cash flow of €2,3 mln.