Innelec: share price plummets after disappointing start to fiscal year

(CercleFinance.com) - Innelec's share price was one of the biggest decliners on the Paris Bourse on Thursday, the day after the video game accessory manufacturer announced a disappointing start to the financial year.


The group posted sales of 187 million euros for the 2023-24 financial year ended March 31, up 15% on the previous year.

Operating income fell to 2.56 million euros, compared with 2.70 million euros a year earlier, mainly due to higher personnel costs.

After the 2023-2024 financial year, which was judged 'very dynamic' on the back of catch-up deliveries of PS5 consoles, Innelec warns that the start of its new financial year will be 'markedly down'.

Pending the arrival of several new products (PS5 Pro, Switch 2) likely to boost sales, the company plans to pursue its development strategy.

In addition to signing new distribution agreements in France and internationally at
, the group says it intends to implement a savings plan from the first half of the 2024-25 financial year.

Listed on the Paris Bourse, Innelec's share price fell by more than 16% at midday on Thursday following this publication.

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