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In this illustration taken on June 13, 2022, the De Nora logo is displayed on a smartphone. REUTERS/Dado Ruvic/Illustration

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MILAN, Aug 4 (Reuters) – Newly listed Italian electrode maker Industrie De Nora (DNR.MI) raised its guidance for profit and sales for the year on Thursday after adjusted core profit more than doubled in the first half.

Last month, Milan-based De Nora braved volatile markets amid inflation and interest rate concerns in a rare European stock market listing. Read moreThe Garrone family of cornerstone investors, including owners of Italian gas grid operator Snam (SRG.MI) and ERG (ERG.MI), backs an initial public offering (IPO).

Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) for the period were 102 million euros ($104 million), up from 45 million euros the previous year, the company said.

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“The company expects to continue growing in all business areas, pursuing new and challenging targets for 2022,” CEO Paolo Dellachà said in a statement.

De Nora guides revenue of approximately EUR 900 million and adjusted EBITDA of EUR 185 million to EUR 195 million

The company had expected revenue of 830-880 million euros and adjusted core profit of 15.5-165 million euros.

Shares in De Nora were up more than 5 percent at 14.49 euros by 0740 GMT. By comparison, the IPO price was 13.5 euros per share, valuing the company at 2.72 billion more

The group said it was one of six Italian companies selected to participate in the first European Commission-approved Important Hydrogen Project of Common European Interest (IPCEI).

De Nora’s Electrode Technology business accounted for 55.5% of sales and achieved revenue of EUR 228 million in the same period, an increase of 57.4%.

Sales in the Wastewater Treatment segment increased by 65.9% to EUR 175.7 million and accounted for 42.8% of total sales.

The Energy Transition segment grew by 130% in the first half, with revenues of EUR 6.9 million.

(1 USD = 0.9845 EUR)

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Reporting by Francesca Landini and Francesco Zecchini, Editing by Maria Pia Quaglia and Valentina Za

Our standard: Thomson Reuters fiduciary principles.

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