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URW: Q1 sales up 3.7% to E942.8m

( - Q1 2024 sales totaled E942.
8m, up 3.7% y-o-y. Sales were up +10.5% LFL.

The decline in sales in real estate development and project management is mainly due to the phasing of projects, particularly Coppermaker Square. The group expects the FY contribution from this business to be in line with its level in 2023.

At 31 March 2024, URW's liquidity position stood at E13bn, including E5bn in cash; its cash position decreased by E0.7bn from 31 December 2023.

Net financial debt stood at E21.6bn at end-March, in line with the December 2023 level at constant exchange rates.

URW confirms its adjusted recurring EPS guidance for 2024, i.e. E9.65 to E9.80.

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