MAINTAL (dpa-AFX) - Joining technology specialist Norma Group has reduced its sales forecast for the current year due to weaker demand from automotive and supplier customers. In terms of earnings, adjusted for currency and acquisition effects, only an increase in the range between 0 and 1 percent compared to the previous year is now expected, the company announced surprisingly on Thursday in Maintal. Previously, Norma had held out the prospect of growth in the mid-single-digit percentage range.

However, the forecast for profitability was confirmed. The margin on the basis of earnings before interest and taxes (Ebit), adjusted for non-recurring effects, is expected to remain at around eight percent and thus at the level of the previous year. In the third quarter, the margin decreased slightly year-on-year to 8.3 (previous year: 8.5) percent. Operating profit had fallen by eight percent to just under 25 million euros.

Sales fell by almost seven percent to 297 million euros. At around five percentage points, most of the drop in earnings was due to the impact of the strong euro compared to the previous year. On the stock exchange, the key data for the third quarter, the lowered sales forecast and confirmed margin target were received slightly negatively.

The SDax-listed share lost most of its gains in late trading. Most recently, the share price gained 0.8 percent to 16.67 euros in a friendly environment, having been up by up to four and a half percent before the announcement of the key data. In the year to date, the share has been one of the losers in the SDax, which has gained slightly since the end of 2022, with a discount of around two percent.

Publication of the detailed figures is scheduled for November 7./zb/he