ID Logistics down after H1 results flag cash burn

Id Logistics SAS

29/08/2024 09:07

** Shares in ID Logistics  IDLA.PA  down 2.1%, paring losses
after falling as much as 7.6% a day after H1 results showed
strong cash consumption
        ** Midcap Partners says cash burn linked to capital
expenditure in a note, highlighting the pressure on FCF before
rent at 129 mln euros for the period vs 143 mln euros a year ago
 
    ** The French logistics and transportation services supplier
reported a 22% yoy EBITDA increase at 234.6 mln euros on
Wednesday, in line with Midcap's expectations, "even if cash
consumption is the bad news"
    ** Analysts also flag unexpected IFRS effects which led to
only a 10bps increase in operating margin before non-recurring
items
    ** "Interest costs linked to IFRS 16 debt making themselves
felt (€17m in the first half, compared with €10m in H1 2023),"
Midcap Partners says   
    ** Shares are on track for their worst day since June 6,
when it closed 5.0 % lower
    
    
  

 (Reporting by Stéphanie Hamel)