(News Bulletin 247) – The AST group, a builder of single-family homes, reported Tuesday losses for its 2022 financial year, which the company describes as a “dark year” for the real estate market.
In a press release, AST announces “severely degraded” results with an Ebitda loss of 5.6 million euros, penalized by the sharp deterioration in its margins and the recognition of provisions related to late payment penalties and after-sales service.
Its operating profit was -11.3 million euros after the recording of impairment charges for part of the Maisons Ideoz goodwill and the Villa Trident brand), for a net loss of 9.1 million.
In view of this performance, the group has decided to launch a plan to reduce its operating expenses and to adjust its selling prices to compensate for the increase in construction costs.
To get through what it describes as a ‘crisis’, AST says it has cash of 29 million euros for a net debt of 1.3 million euros.
With an order book of 329 million euros, the group is confident in its ability to improve its operating margin from 2023 and eventually return to profitable growth.
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