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Novem Group S.A.: Preliminary Results 2023/24 Influenced by Weak Market Conditions

Novem Group S.A. released its preliminary results for the financial year 2023/24, reporting total revenue of €635.5 million, a 9.3% decrease compared to the previous year. The adjusted EBIT stood at €69.1 million, down 15.5%. Despite tough market conditions, the company maintained an adjusted EBIT margin of 10.9%.

The fourth quarter showed mixed regional performance. European revenues declined by €16.7 million due to platform underperformance and structural issues in electric vehicles. In contrast, the Americas saw a €5.8 million revenue increase, largely driven by the tooling business. In Asia, revenues fell by €13.4 million due to model changes and weak new program launches.

Novem achieved a free cash flow of €24.2 million in Q4 2023/24, although this was lower than the previous year's €39.6 million. For the full year, free cash flow was €53.8 million, down 36.4%. Capital expenditure dropped to €3.5 million in Q4 from €5.7 million the previous year.

Looking ahead, Novem's strong order intake provides positive prospects. Highlights include a significant contract award from Tesla, marking their entry into the premium exterior trim market. The company's net leverage ratio improved sequentially, though it remains higher than the previous year.

R. E.

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