Kitchenware manufacturer Mastrad announced on Thursday a sharply reduced loss for the first half of 2023/2024, while expressing confidence in its ability to rapidly revive sales.

The Paris-based group, which has placed itself under safeguard proceedings due to postponed orders from Whirlpool, its main customer, said it recorded a net loss of 183.000 euros in the six months to the end of December, compared with a net loss of over one million euros in the first half of the previous year.

Due to its refocusing on temperature probes, half-year sales fell by 46% to 1.56 million euros, compared with 2.90 million euros a year earlier.

CEO Mathieu Lion said he was convinced of the company's potential to rapidly revive sales and compensate for the Whirlpool order backlog, thanks in particular to the development of an innovative product that should confirm the turnaround in the summer of 2024.

On December 31 last year, cash and cash equivalents stood at 266.000 euros, enough to ensure financial visibility until the end of 2024.

At the end of the morning, the share price had risen by 92% on the Paris Bourse, bringing the decline in the share price since the beginning of the year to around 50%.

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