2023-10-27 07:08:19
Insulation specialist Recticel is lowering its profit forecasts for this year, it announced on Friday in its quarterly results. Net sales fell 17.5% compared to the same period last year, to 132.3 million euros.
“European construction markets contracted further in the third quarter of 2023,” explains Jan Vergote, CEO of Recticel. “Compared to the first half of 2023, the volumes and profitability of our ‘Insulated Panels’ business have increased, generally in line with our previous forecasts, and will enter 2024 with a stronger order book than at the start of 2023. Our business ‘ Insulation Boards’, however, faced additional pressure on margins, which had a severe impact on profitability.”
Recticel therefore lowers its forecasts and now expects an adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of between 35 and 40 million euros for the whole of 2023.
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