Surteco Group SE announces the adjustment of the forecast for the business year 2023. Preliminary sales for the first three quarters of 2023 amount to Euro 637 million (Q1-3 2022: Euro 593 million) and preliminary EBIT (earnings before financial result and taxes) to Euro 4.1 million (Q1-3 2022: Euro 41.1 million).
The decline in results is primarily attributed to a persistently challenging market environment and exceptional expenses, such as one-time costs related to the Omnova acquisition, including the purchase price allocation, as well as expenses for a results improvement program. Notably, due to recent provisions for staff measures, these exceptional costs have accumulated to a total of Euro 23.5 million in the first three quarters of 2023.
Consequently, the expected EBIT for the fiscal year 2023 is now in the range of Euro 5 to 15 million. EBIT adjusted (adjusted for exceptional expenses) is expected to be in the range of Euro 35 to 45 million.
The increase in revenue is solely a result of the additional business from the acquired Omnova divisions starting from March 1, 2023. However, due to the ongoing weak demand, the overall group revenue for the fiscal year 2023 is expected to be significantly below the original forecast of Euro 920 to Euro 950 million.
Surteco Group SE is a holding company for the leading national and international brands for surface technology. The comprehensive product portfolio includes papers printed with decor designs, impregnated materials, release papers, decorative flat foils and edgebandings based on specialist technical papers and plastics.
