Actia Group: targets lowered, share price falls
(CercleFinance.com) - On Thursday, Actia Group lowered its sales outlook for 2024, as well as for 2027, citing deteriorating economic conditions, which caused its share price to fall.
In a press release, this supplier to the defense, energy and telecoms sectors now targets annual sales of between 520 and 530 million euros, representing a year-on-year decline of 8% to 10%.
Due to the economic downturn, which it believes is materializing particularly in the European automotive industry, the Group has also adjusted its sales target to 650 million euros for 2027, compared with a previous forecast of 800 million euros.
This warning comes as third-quarter sales fell by 16% to 114.1 million euros.
For the first nine months of the year, sales were down 7.4% at 393.5 million euros.
In a reaction note, analysts at TP ICAP Midcap described the situation as "even worse than expected", while reiterating their buy recommendation with a price target of four euros.
Following these announcements, Actia's share price fell by almost 5% on Wednesday on the Paris Bourse, bringing its losses since the start of the year to over 22%.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
In a press release, this supplier to the defense, energy and telecoms sectors now targets annual sales of between 520 and 530 million euros, representing a year-on-year decline of 8% to 10%.
Due to the economic downturn, which it believes is materializing particularly in the European automotive industry, the Group has also adjusted its sales target to 650 million euros for 2027, compared with a previous forecast of 800 million euros.
This warning comes as third-quarter sales fell by 16% to 114.1 million euros.
For the first nine months of the year, sales were down 7.4% at 393.5 million euros.
In a reaction note, analysts at TP ICAP Midcap described the situation as "even worse than expected", while reiterating their buy recommendation with a price target of four euros.
Following these announcements, Actia's share price fell by almost 5% on Wednesday on the Paris Bourse, bringing its losses since the start of the year to over 22%.
Copyright (c) 2024 CercleFinance.com. All rights reserved.