Cogra: sales fall, share price corrects

(CercleFinance.com) - On Monday, French wood pellet producer Cogra reported a 55% drop in sales over the past quarter, penalized by a market it deems "disrupted", an announcement that sent its share price plummeting.


Over the three months to the end of March, the group based in Mende (Lozère) recorded sales of 7.7 million euros, compared with 17 million euros in Q3 2022/23.

For the first nine months of the year, sales came to 34.4 million euros, representing an annual decrease of 19%.

In its press release, the company says it has suffered from the mild winter weather and persistently high inventory levels at some distributors in the wake of the 2022 energy crisis.

Cogra also says it has seen a return since March to price levels prior to inflationary pressures, a phenomenon considered likely to accompany the landing of its market.

Following this publication, the wood energy specialist's share price fell by nearly 10% on the Paris Bourse at around 10:45 a.m., making it one of the market's biggest decliners.

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