Somfy heavily sanctioned after its second quarter turnover

Somfy hits a wall on the stock market! The title of the Haut-Savoyard group, world leader in the motorization of shutters and closures for buildings, fell 13%, to 118.6 euros, at midday on Friday, appearing, and by far, last position of the SRD. The reason: the announcement of near-zero growth in the second quarter, confirming the deterioration of the economic environment.

Between April and June, Somfy’s turnover only increased by 1.2%, and even fell by 0.1% like-for-like, whereas it had increased by 9.7% in the first quarter (+9.2% on a comparable basis). The slowdown in demand was particularly strong in Northern (-17.4%) and Central (-5.1%) Europe, two areas geographically close to the Russian-Ukrainian conflict. Somfy, which ends the semester with a turnover of 846 million euros, up 5.1% over one year, warns that the current operating margin, which will be revealed on September 7, should be down compared to to the exceptional one of a year ago. The slowdown in activity is obviously in question, but the group is also suffering from additional costs on certain supplies and from the continuation of strategic investments.