IMCD tracks worst day in 4.5 yrs on Q1 margin pressure

IMCD

26/04/2024 08:57

** Shares in IMCD  IMCD.AS  fall more than 9% to the bottom
of Dutch blue-chips index AEX  .AEX  after the group posted
weaker-than-expected Q1 results
    ** Q1 EBITA falls 15% to 126.5 million euros ($135.71
million), with the group highlighting difficult market
conditions
    ** KBC points to a disappointing quarter, with a negative
surprise in the margins
    ** "Costs increased significantly resulting in an EBITA
margin contraction of 190bp to 10.9%, well below our and
consensus expectations of 12.3% and 11.6% respectively", KBC
says
    ** The broker adds organic revenue contraction in the
Americas "disappoints after an already weak 1Q23"
    ** Shares are on track for their biggest single-day slump in
about 4.5 years, if losses persist, with the price touching
lowest point since mid-Nov 2023
    
($1 = 0.9321 euros)

 (Reporting by Federica Mileo)
 ((Federica.mileo@thomsonreuters.com))