(CercleFinance.com) – Largo, a specialist in the reconditioning of technological products, lowered its sales forecast for the current year on Thursday due to a consumer context deemed unfavorable.
The group’s turnover should be between 21 and 23 million euros this year, instead of the 30 million euros previously anticipated, the group said in a press release.
As a result, the company, which was aiming for a positive EBITDA in 2022, postponed the achievement of this objective by one year, to 2023.
In the third quarter, its turnover fell by 25% to four million euros.
In its press release, Largo explains that the inflationary context which accelerated during the quarter penalized non-food household consumption and led to a shift in sales in the fourth quarter, a historically more dynamic period of the year.
The company says it expects higher growth of around 40% during this last quarter.
Turnover for the first half stood at 9.3 million euros, up 49%, while EBITDA came out at -2.3 million euros against -1, 5 million on June 30, 2021, a widening that the company explains by the increase in its payroll and the increase in its production capacities.
On the Paris Stock Exchange, Largo shares fell 28% in late morning transactions following these announcements.
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