Solutions 30 plunges on 'very disappointing' results

Solutions 30 SE

21/04/2023 08:33

** Shares in Solutions 30  S30.PA  plunge 16.5% after the
French IT services firm posted much weaker results than expected
    ** Solutions 30 reports FY net loss group share of 50.1
million euros  ($54.83 million) while Midcap Partners, which
labels results as "very disappointing", had expected a loss of
14.5 mln
    ** Adj. EBITDA dropped 43.3% to 46.7 million euros, with a 
lower contribution from France due to a "difficult" telecom
sector, says Midcap Partners, which also flags higher costs in
the south-east of the country
    ** The broker nonetheless expects company to gradually
"return to normal" in 2023, allowing a lasting rebound of shares
    ** The stock, sitting at the bottom of mid-cap index CAC Mid
60  .CACMD , is heading for its worst day since Oct. 28

($1 = 0.9137 euros)

 (Reporting by Olivier Sorgho)
 ((Olivier.Sorgho@thomsonreuters.com))