SergeFerrari Group is down 13% following a downward adjustment of its expectations for 2023, now targeting sales growth of 4% (instead of 7%) and operating income before non-recurring items of between 5 and 5.5% of 2023 sales.

The company posted second-quarter 2023 sales of €90.7 million, virtually stable year-on-year (-0.3%), but down 5.6% on a like-for-like basis compared with a record second quarter 2022.

The specialist in innovative composite fabrics thus posted cumulative sales of 175.5 million euros in the first half of 2023, up 3.2% on a reported basis, but down 2.9% on a like-for-like basis.

Copyright (c) 2023 CercleFinance.com. All rights reserved.