from SURTECO SE (isin : DE0005176903)
EQS-Adhoc: SURTECO GROUP SE: Adjustment of the forecast for 2023
EQS-Ad-hoc: SURTECO GROUP SE / Key word(s): Change in Forecast/Preliminary Results
SURTECO GROUP SE: Adjustment of the forecast for 2023
16-Oct-2023 / 18:24 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG.
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SURTECO GROUP SE: Adjustment of the forecast for 2023
Buttenwiesen, 16 October 2023 - SURTECO GROUP SE announces the adjustment of the forecast for the business year 2023. Preliminary sales for the first three quarters of 2023 amount to € 637 million (Q1-3 2022: € 593 million) and preliminary EBIT (earnings before financial result and taxes) to € 4.1 million (Q1-3 2022: € 41.1 million).
The decline in results is primarily attributed to a persistently challenging market environment and exceptional expenses, such as one-time costs related to the Omnova acquisition, including the purchase price allocation, as well as expenses for a results improvement program. Notably, due to recent provisions for staff measures, these exceptional costs have accumulated to a total of 23.5 million euros in the first three quarters of 2023. Consequently, the expected EBIT for the fiscal year 2023 is now in the range of 5 to 15 million euros. EBIT adjusted (adjusted for exceptional expenses) is expected to be in the range of € 35 to 45 million.
The increase in revenue is solely a result of the additional business from the acquired Omnova divisions starting from March 1, 2023. However, due to the ongoing weak demand, the overall group revenue for the fiscal year 2023 is expected to be significantly below the original forecast of € 920 to € 950 million.
Contact:
Martin Miller
Investor Relations
ir@surteco-group.com
+49 (0)8274 9988-508
End of Inside Information
16-Oct-2023 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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| Language: | English |
| Company: | SURTECO GROUP SE |
| Johan-Viktor-Bausch-Str. 2 | |
| 86647 Buttenwiesen | |
| Germany | |
| Phone: | +49 (0)8274 99 88-0 |
| Fax: | +49 (0)8274 99 88-5 05 |
| E-mail: | ir@surteco.com |
| Internet: | www.surteco.com |
| ISIN: | DE0005176903 |
| WKN: | 517 690 |
| Listed: | Regulated Market in Frankfurt (Prime Standard), Munich; Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Stuttgart, Tradegate Exchange |
| EQS News ID: | 1750035 |
| End of Announcement | EQS News Service |
1750035 16-Oct-2023 CET/CEST