Italy-based foundations contractor Trevi has reported a consolidated EBITDA loss of €18.8M (£16.5M) for the first six months of 2017, compared to a profit of €62.3M (£55M) for the same period last year.
“The first half-year results fell significantly short of expectations, principally as a result of the continued challenges on the energy market, a lack of investment and the cancellation of a major oil and gas segment order expected in the period,” said Trevi CEO Stefano Trevisani.
“The group therefore identified concrete measures to streamline operating division costs and contain exposure to typical industry cycles. The foundation engineering segment maintains a significant market share, although has seen the margin contract due to – in addition to reducing volumes – strategic decisions which will deliver benefits and recoveries over the coming years.
“Significant prudent write-downs also impacted the result, however of a one-off nature and not impacting available cash. The group is focused on improved organisational efficiencies and streamlining costs in view of the availability of advanced technologies and increased opportunity on the international markets.
“Finally, we are confident, of the signing shortly of a standstill agreement and consequent availability to assess proposals from the company to identify restructuring options for the group financial debt according to terms consistent with the new industrial plan.”