Last night, Aubay lowered its targets for the 2023 financial year due to what it described as an "uncertain" economic environment.

The market reacted very negatively to this announcement on Thursday morning, with the stock losing almost 15% in late morning trading, bringing its decline since the start of the year to almost 40%.

The digital services specialist announced on Wednesday evening that it was now expecting annual sales of €530 to €540 million, instead of the €540 to €550 million previously forecast.

Its operating margin should be in the 8% to 9% range, compared with a previous target of 9.5% to 10.5%.

In a press release, Aubay explains that the market 'offers opportunities', but also that the 'uncertain' macroeconomic context is weighing on the speed with which projects can be committed.

In the third quarter, Aubay posted sales of €123.6 million, up 2.5% organically, despite an unfavorable calendar effect, with one less working day invoiced.

Consolidated sales for the first nine months of the year thus came to €398.7 million, up 5.1%.

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