Friuli's microtunnel technology
Icop has an order book of EUR 900 million and growing figures. Specialised underground activities account for 85% of production
by Barbara Ganz
4' min read
Key points
4' min read
A technology that makes it possible to build works and infrastructures without having to excavate large areas under the open sky: these are the microtunnels, in which the Friuli-based Icop, based in Basiliano (UD) , specialises. In environmentally sensitive areas, in the sea or in densely urbanised areas, this underground engineering is the key to realising projects that the company defines as tailor-made: 'The technical department, the study and definition phases are fundamental, as is the ability to manage complexity also in the financial structuring,' explains Giacomo Petrucco, director with responsibility for relations with intermediaries and investors. The numbers prove this strategy right.
Growing results
.The company is 80.3% controlled by the Petrucco family, with a small stake (2.8%) being held by the regional company Friulia. Since last 25 July, it has landed on the list dedicated to SMEs.
The first six months of 2024 - the figures were released at the beginning of October - were characterised by strong growth in terms of volumes, margins and profitability. The net profit indicator shows +415% to EUR 7.3 million and the value of production increased by more than +58% to EUR 78.6 million, as expected. The company confirms its growth expectations for volumes and Ebitda, and a further strengthening in the coming years thanks to an order backlog of around EUR 900 million (up from EUR 785 million as at 30 June 2023).
Overall, specialised underground activities account for more than 85% of the value of production. As a market, Italy prevails, but it is also worth mentioning the good performance of orders in France, in particular in the construction sites for the Toulouse metro and Line 18 in the Gran Paris Express project. In this context, 'the listing represents an important accelerator to consolidate our competitive advantage and will allow us to seize possible new growth opportunities for external lines to make a further dimensional leap,' said CEO Piero Petrucco. On the day of the listing of the ordinary shares on the Euronext Growth Milan market, subscriptions exceeded the offer, with a large participation of Italian and international institutional investors, representing about 50% of the total demand. The total value of the transaction, entirely a capital increase, is just over EUR 30 million.
Yards
.Icop's past achievements include road works, in particular bridges (in the reconstruction of the Morandi Bridge in Genoa, it was responsible for the construction of foundations in the eastern half, from pier 10 to 18), viaducts and subways, and infrastructure constructions also in the open sea.
