STEICO Reports Significant Profit Growth in Q1 2024 and Issues Correction on Previous Announcement

STEICO SE has released a correction concerning a previous error in their financial statement. Initially misstated figures for Q1 2024 were corrected to show a net profit of €5.9 million, a significant increase from €2.1 million in the same quarter of the previous year.

This revised data accompanies a detailed interim report showcasing robust financial health, with Q1 2024 revenue reaching €95.9 million, slightly down by 0.7% compared to 2023. Key performance indicators such as EBITDA grew by 38.5% to €17.8 million, and EBIT increased by 85.1% to €10.8 million, signaling strong operational performance and effective cost management strategies initiated in 2023.

The stable demand for STEICO products has been attributed to consistent inflation rates, stable interest rates, and a balanced competitive environment. Management remains cautious but optimistic about maintaining this performance throughout 2024, forecasting an EBIT ratio of between 9% and 11%.