Why the Integra (ASX:ITG) share price is zooming 15% higher

why the integra asxitg share price is zooming 15 higher

Integra Group Ltd (ASX: ITG) shares are one of the better performers on the ASX market today after the company released its half-year results for the 2021 financial year. At the time of writing, the Integra share price is surging 15.7% higher to 33 cents.

What were the financial highlights?

The Integra share price is flying today after the company delivered a mostly positive result, despite operating as an independent company for less than 18 months. The company demerged from Cardno Limited (ASX: CDD) in October 2019 to focus on its core business strategies and reduce overhead costs.

In its half-year result for the six months ending 31 December, Integra reported total gross revenue of $210.7 million. This reflected an 8.8% decline compared to the $231 million achieved in H1 FY20. Contributing to the fall, fee revenue also sank to $157 million, a 7.1% drop from the comparative period.

Projects were largely wound down in the Asia Pacific region as COVID-19 impacted market conditions. The company’s Americas segment remained relatively flat due to project delays in its oil and gas business. However, construction materials saw a boom in infrastructure spend.

Underlying earnings before interest, tax, depreciation and amortisation (EBITDA) increased over the period to $24…

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