Jacquet Metal Service : H1 results a shade below our forecasts - The slowdown in Germany weighed on performance, as expected
>H1 sales of € 884m (-3.8% l-f-l) / underlying operating profit of € 32m (underlying operating margin of 3.6%) - Yesterday evening, Jacquet Metal Service reported H1 2019 results that were just shy of our forecasts. Sales were € 884m (vs € 910m est. excluding Abraservice) down 6.3%, of which -3.8% l-f-l (volume effect -5.9%, price effect +2%) and a scope effect of -2.5%. Underlying operating profit was € 32m (vs € 34m est. excluding Abraservice) i.e. an und...Jacquet 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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