STÜHLINGEN (dpa-AFX) - Insulation and paint manufacturer Sto expects less business this year, partly due to the long period of bad weather. Sales are likely to reach only 1.76 billion euros instead of the previously targeted 1.91 billion, the SDax-listed company surprisingly announced in Stühlingen on Tuesday. However, earnings before interest and taxes are still expected to reach between 118 and 143 million euros. In both key figures, however, the company is factoring out charges resulting from the Russian war of aggression in Ukraine. The price of the Sto preference share initially fell after the news, but was up 0.3 percent a little later. However, the shares have already lost a third of their value since their high in May. At that time, the company had reported a weak start to the year.

In the first half of the year, Sto generated sales of just over 856 million euros, almost four percent less than a year earlier. In the first half of 2022, the company had also achieved a record figure thanks to good weather. This time, frequent precipitation and low temperatures in some areas had a particularly negative impact on the facade systems business, according to the company. Earnings before interest and taxes actually fell by a good nine percent to around 58 million euros, partly due to higher prices for cement and other purchased products. Before taxes, the company was also left with a profit of around 58 million euros, almost eight percent less than a year earlier.

Sto plans to publish its full half-year report on August 31./stw/mis