(CercleFinance.com) – The kitchen products manufacturer Mastrad announced on Thursday a sharply reduced loss in the first half of 2023/2024 while saying it was convinced of being able to quickly revive its sales.
The Parisian group, which entered into safeguard procedure due to postponement of orders from Whirlpool, its main customer, says it suffered a net loss of 183,000 euros over the half-year ended at the end of December, compared to a net loss of more than one million euros during the first half of the previous financial year.
Due to its refocusing on temperature probes, its half-year turnover fell by 46%, to 1.56 million euros compared to 2.90 million euros a year earlier.
Mathieu Lion, its CEO, declared himself convinced of the company’s potential to quickly revive sales and compensate for the delay in orders from Whirlpool, thanks in particular to the development of an innovative product which should make it possible to confirm the recovery at the summer 2024.
As of December 31, the cash flow amounted to 266,000 euros, an amount that the group sufficient to ensure financial visibility until the end of 2024.
At the end of the morning, the stock soared 92% on the Paris Stock Exchange, bringing the share’s decline since the start of the year to around 50%.
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