SURTECO GROUP SE Reports Preliminary Financial Results for 2023

SURTECO GROUP SE announced its preliminary financial outcomes for the business year 2023, revealing group sales of €835.1 million. This figure represents an increase from the €747.7 million reported in the previous year, primarily attributed to the incorporation of divisions from Omnova acquired on March 1, 2023. Despite this growth, the company fell short of its initial sales projection of between €920 million and €950 million, mainly due to challenging market conditions and diminished demand.

The company's EBITDA stood at €66.6 million, a decrease from €84.2 million in 2022, while the adjusted EBITDA reached €86.4 million, showing an improvement from the previous year's figures. These financial measures have been affected by one-time costs related to the Omnova integration, consultancy, structural improvements, and other exceptional expenses. SURTECO also noted that its earnings before financial result and income tax (EBIT) amounted to €8.1 million, down from €40.2 million in 2022, yet in line with the revised forecast provided in October 2023.

Chairman Wolfgang Moyses commented on the tough conditions faced during the year and the significant one-off costs absorbed. He remained optimistic about the complete integration of Omnova and potential economic recovery, positioning the company for future success. The detailed annual report will be made available on April 24, 2024.