(CercleFinance.com) – Turnover was stable at constant exchange rates excluding Argentina in the 1st quarter of 2024. It increased by 5.9% to €521.7 million at constant exchange rates, impacted by the negative performance of the Flame for Life division linked to competitive imports from Asia into the American market.
The gross margin stood at 49.3%, a decrease of 0.5 points. Adjusted operating profit stood at €63 million and adjusted operating margin at 12.0% (-100 basis points compared to the 1st quarter of 2023). The adjusted net profit, group share, stands at €43.3 million. The EPS Share of the Group (in euros) comes to 0.82 E (compared to 1.17 E).
Revenue growth in 2024 is expected to be between +5% and +7% at constant exchange rates, driven by the effect of volumes, price and mix. In 2024, we expect a slight improvement in adjusted operating margin, driven by positive operating cost leverage. Net free cash flow generation is expected to be above €220 million in 2024.
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