Guidance cut drags H+H shares to 3-yr low
16/06/2023 09:09
** Shares of H+H HHDC.CO fall 11%, paring earlier losses
of as much as 15%, after the Danish producer of wall building
materials lowered its financial guidance for FY 2023
** The company now expects sales volume to decrease about
25-30% across markets with most of the decline coming from
Poland, and sees adj. EBIT of DKK 100-175 mln against earlier
view of DKK 330-400 mln
** H+H points to sector's low new building activities and
lower-than-anticipated demand for Q2 as background for the cut
** "Current uncertainty around interest rate levels is
causing future homeowners to postpone their buying decisions,"
CEO Jörg Brinkmann says
** The stock is at its lowest level since May 2020
(Reporting by Jesus Calero)
((Jesus.calero@thomsonreuters.com))