Jacquet Metals - H1 results down sharply as expected, but H2 looks weaker than anticipated
The Group's H1 results deteriorated slightly more than expected (EBIT of €84m vs. €92m expected).Net indebtedness is also down, but less than anticipated in relation to the end of 2022, as are inventories.The outlook for H2 is weaker than we had anticipated, and it cannot be ruled out that results will be negative in the second half of the year.We have lowered our overall guidance for 2023 and 2024E, but the Group has a very solid cash position.The Group should seize acquisition opportunities in this difficult market environmentJacquet Metal Services is a European distributor of specialty steels, also active in China and the U.S.A. Co.'s main activity consists of purchasing, storing, and delivering different families of products. Co. is active in four markets for the distribution of special steels through four brands: JACQUET (distribution of stainless steel thick "Quarto" plates); Stappert (distribution of long stainless steel products); Abraservice (distribution of wear-resistant "Quarto" plates); IMS group (distribution of engineering steels). Co.'s main consumer sectors are the following industries: chemical; agro foods; treatment and storage of gases; water treatment; environment and cleanup; and energy.
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