Hypoport falls on 'disastrous' FY 2023 outlook
10/03/2023 06:51
** Shares in Hypoport HYQGn.DE are seen down nearly 9% in
premarket trade after the company forecast a decline in revenue
and EBIT in 2023
** The German financial services provider expects revenue to
decline by up to 10% and EBIT to fall by up to 30% in 2023 due
to the "dysfunctionality of the mortgage market"
** A local trader says the company's FY 2023 outlook was
"disastrous", while FY 2022 figures were "expected"
** According to preliminary results, revenue was down 27% to
around 88 million euros in the fourth quarter, but increased by
2% in the full year
** The company cited a "significant slump in the private
mortgage market from summer 2022"
** Hypopport's share price is up 70% since its lows last
year after it issued a profit warning and suspended its annual
forecast
(Reporting by Anna Mackenzie)
((Anna.mackenzie@thomsonreuters.com))