(Updated with details of the layoff plan)
April 25 (Reuters) – Nexity announced on Thursday a drop in its turnover in the first quarter, a result that the real estate group considers “in line with expectations” in a context of transformation and debt reduction.
Nexity’s sales stood at 770 million euros over the first three months of the year, down 14% after 893 million euros a year ago.
“In a market still in decline, particularly given the weakness of the implied return for investors, Nexity’s retail commercial activity is showing a first inflection point,” commented Véronique Bédague, CEO, in a press release, all indicating that the year 2024 promises to be a “financial low point”.
Nexity nevertheless confirmed its financial objectives and the progress of its roadmap, taking into account “the finalization of the sale of ADB activities to Bridgepoint at the beginning of April, and the savings plan, including in particular the implementation of a PES”.
In an interview published Thursday in Le Figaro, Véronique Bédague confirms a job protection plan affecting 20% of the 2,500 employees in the real estate development branch of Nexity, or 502 positions.
This plan was announced in February due to the crisis in the real estate sector but the group did not specify the number of employees affected. It includes a reduction in operating expenses aimed at reducing the cost base by 95 million euros, a reduction of 16%. (Report by Augustin Turpin, edited by Sophie Louet)
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