(News Bulletin 247) – The small conglomerate suffered a plunge in its turnover and its profitability in the first half, leading to the fall of its title on the Paris Stock Exchange.

The publications follow and look alike for Chargeurs. The small conglomerate present in niche trades (protection of surfaces, interlining, development of museums or even production of worsted wool for the luxury industry) fell 16.45% Thursday on the Paris Stock Exchange to 9.04 euros towards 9:50 a.m., reaching its low point for the year.

This plunge follows the publication of the group’s half-year results. First-quarter activity in May had already hurt the company’s stock.

Over the first six months of the year, Chargeurs saw its revenues fall by 11.5% in published data and 12% on a like-for-like basis, to 352.8 million euros. In the second quarter alone, the decline was less marked, with a drop of 5.7% excluding currency and scope effects.

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Museums drive activity

This drop is largely due to the fall in volumes of the “advanced materials” division, ie plastic and paper films or even technical adhesives to protect surfaces. This division posted a drop in revenue of 23% like-for-like over one year to 146.7 million euros. In the second quarter, the decline was 12.9% on these same bases.

“The contraction in turnover is the result of the drop in industrial volumes at customers, who are facing energy and inflationary shocks, suffered globally since the summer of 2022”, explains the company.

On the contrary, the “museum studios” division (services to museums) supported the conglomerate’s activity, with like-for-like growth of 48.5% over the half-year, with an acceleration in the second quarter (+62.7% on a year). Museum development projects won in 2021 or 2022, in Saudi Arabia, Denmark or the United States, have seen their gradual start-up drive growth.

Lower down the company’s lines of business, operating profit on activity fell 44.5% to 14.1 million euros over the half-year for a corresponding margin of 4% compared to 6.4% a year earlier. early. Here again, Chargeurs was weighed down by the fall in the operating margin of the “advanced materials” division, which fell from 8.4% to 2.8%.

The group share of net income plunged 67.6% to 3.3 million euros.

Towards an inflection?

Regarding the outlook, the CEO of the company, Michaël Fribourg, indicated that the company aims in 2024 for a turnover of more than 800 million euros and a gross operating margin (Ebitda) of between 9% and 10 %. For comparison, in 2022, the company had recorded revenues of 746.4 million euros and an Ebitda margin of 9.1%.

TP ICAP Midcap nevertheless judges that the “worse is now over” for the company. “After hitting the low point over this half-year, the momentum (the momentum, editor’s note) should gradually improve over the coming months thanks in particular to the start of the rebound on Chargeurs advanced materials observed on order books excluding outlets in new construction. obviously, especially since the basis of comparison will be much easier this time”, explains the design office.

“In the end, with a view to playing on the improvement in momentum, we maintain our Buy opinion and our price target of 20 euros,” said the financial intermediary in his note.