On Tuesday, the AST Group, a builder of single-family homes, reported losses for its 2022 financial year, which the company describes as a "black year" for the real estate market.

In a press release, AST reports "sharply deteriorated" results, with an Ebitda loss of 5.6 million euros, penalized by the sharp deterioration in its margins and the recording of provisions linked to late payment penalties and after-sales service.

Operating income came to -11.3 million euros, after recognition of impairment charges on part of the Maisons Ideoz goodwill and the Villa Trident brand, resulting in a net loss of 9.1 million.

In light of this performance, the group has decided to launch a plan to reduce its operating costs and adjust its selling prices to offset rising construction costs.

To get through what it describes as a "crisis", AST claims to have cash of 29 million euros, with net debt of 1.3 million euros.

With an order backlog of 329 million euros, the group is confident in its ability to improve its operating margin by 2023, and eventually return to profitable growth.

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