LANDSBERG (dpa-AFX) - Commercial kitchen equipment supplier Rational benefited from more relaxed supply chains and lower raw material prices in the first quarter. At the same time, the order book is no longer as full as it was a year ago, when catch-up effects among customers also ensured strong growth. Overall, Rational performed slightly better than analysts had expected. The management confirmed its forecast for the year at the presentation of figures on Thursday in Landsberg. The share price fell.

Operating earnings before interest and taxes (EBIT) rose by seven percent to a good 71 million euros in the first quarter, while sales revenues hardly improved at around 286 million euros. Earnings after tax increased by nine percent to 56.1 million euros.

The canteen kitchen supplier has made a good start to the year, wrote expert Christian Cohrs from analysts Warburg Research.

For the year as a whole, turnover is expected to increase in the mid to high single-digit percentage range compared to the good 1.1 billion euros achieved in 2023. The operating margin is expected to be close to the previous year's figure of 24.6%.

Baader Bank analyst Peter Rothenaicher considers the confirmed outlook for the operating profit margin (EBIT) to be conservative. However, the share is highly valued, he wrote.

By midday on Thursday, the share price had fallen by 2.5 percent, reducing the gain since the turn of the year to 11.5 percent. Since the end of April, the share price has mainly been in a sideways phase, from which it has now slipped somewhat with the price setback. Since the record high reached in August 2021, it has lost around a quarter.

Rational was forced to leave the MDax in mid-March and even dropped out of the Dax family altogether for the time being. The Bavarian company had failed to comply with a criterion from the German Corporate Governance Code, the recommendations for good corporate governance. Specifically, the term of office of the Chairman of the Audit Committee on the Supervisory Board was the reason for the exclusion. Hans Maerz has exceeded the twelve-year limit as a member of the Supervisory Board and is therefore no longer considered independent under the applicable rules. Rational intends to return to the MDax as soon as possible./lew/men/jha/