STÜHLINGEN (dpa-AFX) - A cold and wet winter weighed on paint and insulation specialist Sto in the first quarter. Revenue fell by 1.9 percent year-on-year to 318.5 million euros, the company announced in Stühlingen on Friday. The ongoing construction slump also took its toll.
The decline in revenue, coupled with rising personnel costs, pressured earnings: the seasonal deficit typically recorded in the first quarter widened compared to the previous year, the company stated. However, higher procurement prices resulting from the Iran conflict have not yet had an impact. CEO Rainer Hüttenberger confirmed the full-year targets and reported revenue growth in April.
Sto shares, listed on the SDax, fell by 0.8 percent, remaining close to their year-to-date low./lew/jha/
