PARIS (Reuters) – Derichebourg fell on the Paris Stock Exchange on Thursday morning, the operator of business services and raw materials recycling having published results below consensus on Wednesday.
At 09:00 GMT, the stock fell by 6.04%, trailing the SBF120 index which fell by 0.25% at the same time.
The group reported on Wednesday a turnover of 3.6 billion euros for the 2022-2023 financial year, down 16.7% compared to the previous financial year, and below the consensus at 3.753 Billions of Euro’s.
The net result amounts to 5.6 million euros, compared to 19.2 million during the previous financial year.
In a presentation to analysts, Derichebourg evokes a more difficult economic environment in 2023 after two years of exceptional market conditions, the group having notably been confronted with the drop in demand and prices for recycled metals, and an increase in the prices of energy.
Derichebourg is nevertheless targeting a current Ebitda of more than 350 million euros for 2024, compared to 334.8 million reached during the 2022-2023 financial year, thanks to a stabilization of demand, a drop in energy prices and a rebound in scrap metal prices.
“Derichebourg revealed figures impacted by the deterioration of the completely online scrap cycle,” comments Julien Thomas, analyst at Midcap Partners, in a note, deeming the group’s Ebitda target “realistic”.
(Written by Corentin Chappron, edited by Kate Entringer)
Copyright © 2023 Thomson Reuters
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
