SURTECO GROUP SE Reports Mixed Financial Results for 2023 and Positive Outlook for 2024

SURTECO GROUP SE experienced a challenging financial year in 2023, with a significant dip in earnings per share to €-0.79 from €1.63 in the previous year and a consolidated net loss of €-12.3 million. These results were heavily influenced by one-off exceptional costs associated with the acquisition of Omnova divisions and other related adjustments, despite an increase in sales from €747.7 million in 2022 to €835.1 million in 2023.

For 2024, the company has started strongly with a 44% rise in adjusted EBITDA in the first quarter and projects annual sales to reach between €860 and €910 million. This optimistic forecast is attributed to the non-recurrence of one-off costs and expected benefits from the ongoing Performance Plus program.

Despite the setbacks in 2023, SURTECO is refraining from proposing a dividend payment, choosing instead to conserve cash to balance the previous year’s net loss. The company expects an improvement in financial performance in 2024 but does not foresee a substantial recovery in demand within the same period.