Largo, a specialist in the reconditioning of hi-tech products, announced on Thursday disappointing sales figures for its 2022 financial year, and suspended its earnings target for 2023.

This morning, the Nantes-based group reported sales up 20% to 21 million euros for the past financial year, including 29% growth in the fourth quarter.

However, this figure is at the lower end of the range Largo set itself in October, which it forecast at between 21 and 23 million euros, instead of the 30 million euros previously anticipated.

After doubling its production capacity and sales, the group explains that it has decided to reduce its growth targets in favor of improving profitability.

For 2023, seen as a "pivotal" year, Largo has lowered its sales target and now expects growth of only around 11% over the 2023 financial year.

The company is also suspending its operating profitability target for the current financial year

Largo is mechanically suspending its financial targets for 2025, at
namely sales of around 70 million euros and an operating margin (Ebitda) of 7%.

On the Paris Bourse, the share price fell by 19% late Thursday morning, having lost up to 20% during the morning.

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