Dutch chemicals Azelis, IMCD rise on Q2 organic growth recovery
BUZZ-Dutch chemicals Azelis, IMCD rise on Q2 organic growth recovery ** Shares of Azelis AZE.BR and IMCD IMCD.AS rise after the the Dutch speciality chemicals makers reported H1 results above expectations amid what analysts see as a recovery in organic growth
** Azelis rises 4.4% after the Belgium-based chemicals distributor's second-quarter core profit beat expectations, helped by organic growth of 3.9%
** Azelis' Q2 EBITA increases 11% to €128 million ($146 million), 9% ahead of the €117 million expected by consensus, Jefferies says
** "The beat is mainly driven by a strong improvement in gross margin, which was thanks to positive pricing momentum across some end markets", Degroof says
** IMCD jumps 6%, extending Wednesday's gains of 5.5%, after it reported a 7.5% rise in organic growth
** Kepler Cheuvreux says first-half results show a return to organic growth and suggest IMCD has emerged from the cycle trough;
** Deutsche Bank raises its forecast for IMCD's Q3 EBITDA, citing improved organic growth assumptions and stronger margins
** Azelis shares rise 27.5% YTD, IMCD up 19% since the beginning of the year
($1 = 0.8744 euros)
(Reporting by Ronan Corcoran and Zakarya Meliani in Gdansk)
((ronan.corcoran@thomsonreuters.com, zakarya.meliani@thomsonreuters.com))