EQS-News

The Sto Group achieves forecast turnover and earnings targets for 2023 in a difficult market environment

EQS-News: Sto SE & Co. KGaA / Key word(s): Annual Results/Forecast The Sto Group achieves forecast turnover and earnings targets for 2023 in a difficult market environment 29.04.2024 / 10:02 CET/CEST The issuer is solely responsible for the content of this announcement. P R E S S  R E L E A S E Sto SE & Co. KGaA, Stühlingen/Germany

 

The Sto Group achieves forecast turnover and earnings targets for 2023 in a difficult market environment

Decline in consolidated turnover of 3.9 % to EUR 1,718.0 million primarily due to negative weather conditions and increasing uncertainty among investors

Consolidated EBIT decreases by 2.5 % to EUR 126.5 million and EBT by 0.7 % to EUR 127.4 million; EBT-return on sales increases from 7.2 % to 7.4 %

Consolidated EAT down by 3.7 % to EUR 85.8 million as compared to the previous year

Executive Board of the personally liable partner STO Management SE proposes an unaltered dividend distribution: EUR 0.31 per limited preference share and of EUR 0.25 per limited ordinary share plus a bonus of EUR 4.69 per preference and per ordinary share

Outlook for 2024: Sto expects a Group turnover of EUR 1.79 billion and EBIT of between EUR 113 million and EUR 138 million

 

Stühlingen/Germany, 29 April 2024 – Sto SE & Co. KGaA, a major international manufacturer of products and systems for building coatings, was able to achieve its objectives set for 2023 despite difficult conditions. The business development was heavily influenced by unfavourable weather conditions which hindered the application of Sto products meant for the exterior. This was exacerbated by special factors in the construction industry. In particular, unclear general and subsidy conditions as well as missing political resolutions in Germany led to a growing uncertainty among potential building owners. In addition to the resulting hesitation among private and institutional investors, the difficult macroeconomic situation, geopolitical conflicts, high construction costs and poorer financing conditions also slowed the demand in the financial year of 2023.