GERMANY - Surteco Group SE, the parent company of leading national and international surface technology brands, reported a 7% increase in sales, reaching EUR 637.3 million during the first nine months of 2023 (9M-2023), compared to the same period the previous year (9M-2022: EUR 593.0 millones).
This growth was primarily driven by the acquisition of the Omnova divisions in March 2023.
Earnings before financial result and income tax (EBIT) fell to EUR 4.1 million during 9M-2023 ((9M-2022: EUR 41.1 million).
Consolidated net result amounted to a loss of EUR 13.3 million in 9M-2023 compared to a profit of EUR 27.4 million in 9M-2022.
“Unfortunately, the general conditions deteriorated again in the third quarter. This made it all the more important to consistently implement our program to improve results. This will lead to provisions in the current financial year, but will help us achieve our growth goals in the future,” says Wolfgang Moyses, CEO of SURTECO GROUP SE.
On account of the ongoing weak demand, Group sales in the business year 2023 are now estimated to be significantly below the original forecast of EUR 920 million to EUR 950 million.
