Saipem maintained the upward momentum in the top-line and margins as the management has been reassuring the market for the past year following the capital increase. H1 revenues reached €5.3bn, up by 28% yoy. EBITDA recorded a more impressive increase at 68% and was on track to achieve the company’s FY guidance. The working capital outflow of €121m due to the backlog review weighed on the half-year operating cash flow, which was still strong enough to cover the capex.
