By Andrea Figueras
Shares in Azelis Group fell Thursday after the company said longtime Chief Executive Officer Joachim Mueller would retire at the end of the year and reported a lower net profit for the first half.
At 0757 GMT, shares in Azelis fell 6% to EUR21.24.
The Belgium-based distributor of chemicals and food ingredients said it has appointed Anna Bertona, who currently heads Azelis’s operations in Europe, the Middle East and Africa, as CEO effective from Jan. 1. Mueller decided to retire after more than 10 years at the helm, the company said.
Azelis posted net income for the first half of 103.5 million euros ($113.2 million), down from EUR138.8 million in the year-earlier period, on revenue that grew 6.1% to EUR2.14 billion.
Revenue from acquisitions was the largest contributor to growth and made up for a slowdown in some markets, Azelis said.
Adjusted earnings before interest, taxes and amortization rose 8.6% to EUR263.4 million, helped by higher margins, the company said.
However, the company’s adjusted Ebita in the second quarter was weaker than expected and will likely trigger downgrades to consensus expectations, Jefferies analyst David Kerstens said in a research note.
Azelis said it is on track to achieve its mid-term annual revenue growth guidance and is confident of expanding its adjusted Ebita margin in 2023.
Write to Andrea Figueras at [email protected]
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