Plastic Omnium at 11-mth highs on 'strong' H1, confirmed outlook

Opmobility SE

24/07/2023 08:21

** Shares of Company Plastic Omnium  PLOF.PA  rise 6%,
touching their highest price in 11 months, after the car parts
supplier posted "strong" H1 results and reiterated FY guidance
    ** The French group's consolidated revenue lands at 5.29
billion euros  ($5.89 billion), up 35% y/y
    ** "Overall 1H marked a strong set of results on the back of
improved semis supply and higher production rates in Europe (up
~20% y/y) and North America (up >10% y/y)", JP Morgan says in a
note
    ** "We expect the firm to benefit from its ability to
outperform global car production, as well as its ability to keep
a tight control over inflation costs improving the overall
profitability of the firm in 2023", JP Morgan adds
    ** Shares, on track for best day in a little over a year,
have gained about 43.6% YTD, including Monday's rise
($1 = 0.8975 euros)

 (Reporting by Gaëlle Sheehan)
 ((gaelle.sheehan@thomsonreuters.com; +48 58 7785110;))