Italcementi's first-half turnover recovered by 5.8 per cent to EUR2167.5m and running EBITDA improved by 5.3 per cent to EUR324.5m. Helped by a reduction in the impairment charge, the trading profit improved by 9.6 per cent to EUR113m. Net financing costs eased by 0.2 per cent to EUR66m, giving a pretax profit of EUR57.3m, compared with EUR4.3m a year earlier. After tax, there was a EUR3.8m profit, compared with a EUR79.6m loss at the same stage a year ago. The net attributable loss amounted to EUR32.6m compared with EUR113.3m a year earlier. Net debt stood at EUR2237.6m, 20.8 per cent higher than a year earlier and compares with shareholders’ funds of EUR3926.9m, giving a gearing ratio of 57 per cent. Capital expenditure during the period was 29.8 per cent lower at EUR194.4m.