Herige: An earlier than anticipated market downturn but expected resilience
Herige reported quarterly sales well below our expectations. The materials trading group, which had previously posted organic growth of 4% to 5% each quarter, recorded a 3.1% contraction in revenues in the last quarter of 2019. The group's management explains this negative performance by complicated weather conditions in October and an unfavorable calendar effect. In reality, this decline is mainly due to a downturn in the building materials market. A turnaround that occurred earlier than expected, but which was expected.
VM Materiaux is engaged in the building market with 3 complementary fields of activity. Co.'s operations can be divided into three segments: Building material trading (Co. has a trading network specialized in distribution of materials for the building and public works sector), Concrete industry (Co. produces pre-cast and ready-mix concrete) and Industrial joinery (Co. manufactures a range of PVC, aluminium or wooden external joinery (doors and windows), as well as entry closures (shutters, fences and gates)). Co. operates only in France. Among its clients, Co. has both professionals in the building industry and DIY customers.
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