Recticel slumps on weak earnings, uncertainty over new CEO

Recticel SA

31/08/2023 09:29

** Shares in Recticel  RECT.BR  fall about 7.6% after the
Belgian plastics group published "weaker than expected" H1
results and outlook, and appointed a new CEO
    ** The company posts first-half adjusted EBITDA at 18.2
million euros ($19.82 million), missing consensus by 30%, KBC
says
    ** The broker deems the FY adjusted EBITDA guidance of
around 40-45 million euros - also missing estimates -
"disappointing" while ING calls the H1 results "weak"
    ** Recticel also announces that after 13 years, CEO Olivier
Chapelle will be replaced by Jan Vergote from Baltisse Group
    ** ING says the market "may be concerned by the treatment of
minority investors once Mr. Vergote will lead the company" as
Baltisse's owner now holds an around 28% stake in Recticel
    ** Shares are on track for their worst day since late April

($1 = 0.9184 euros)

 (Reporting by Olivier Cherfan)
 ((olivier.cherfan@thomsonreuters.com))