Norma Group slides after Q1 results
09/05/2023 07:53
** Shares in Norma Group NOEJ.DE are down 2.9% in early
trade after the automotive and industrial supplier reported Q1
results and confirmed FY guidance
** The company posted Q1 sales of EUR 315 mln and adjusted
EBIT of EUR 22.6 mln
** Baader Helvea says the Q1 report is "unspectacular" due
to moderate sales growth of 2.1%, mainly driven by pricing
effects, and "weak" net operating cash flow of EUR -44.8 mln
** Still, the brokerage sees "gradually improving
profitability for the upcoming quarters" and reiterates its
"add" rating
** Norma Group is at the bottom of the German small-cap
index .SDAXI in early trade
(Reporting by Amir Orusov)
((Amir.orusov@thomsonreuters.com))