Tessenderlo surges on H1 'outperformance', guidance hike
25/08/2022 09:30
** Shares in Tessenderlo TESB.BR rise 5.5% after the
Belgian chemicals group posted a boost to H1 figures, raised
EBITDA guidance
** "The outperformance is mostly driven by Agro and
Bio-Valorization, where adjusted EBITDA beats by 23% and 21%
respectively", ING says
** KBC notes that the Bio-Valorization division benefitted
from higher market prices for fats and proteins and a recovery
of margins for gelatin products, while the Agro division's
higher results were supported by favorable market conditions
** Tessenderlo's H1 reported revenue and adjusted EBITDA
rise respectively 31.2% and 34.0% yoy to 1.34 billion and 247.6
million euros urn:newsml:reuters.com:*:nS8N2YZ0BZ
** Tessenderlo now expects 2022 adjusted EBITDA to rise
15%-20% yoy from 10% seen previously
** "This revised outlook for the 2022 financial year
reflects the strong first half of the year," the group says in a
statement
** Belgian industrial group Picanol PICB.BR , which is set
to merge with Tessenderlo urn:newsml:reuters.com:*:nFWN2YO2RZ, also published its H1
results and raised its FY core earnings guidance on Thursday
urn:newsml:reuters.com:*:nFWN30036W
** Shares are on track for their best day since Nov 2020
(Reporting by Augustin Turpin)
((augustin.turpin@thomsonreuters.com))