AlphaValue Corporate Services
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Chargeurs

CR
Bloomberg   CRI FP
Support Services  /  France  Web Site   |   Investors Relation
Strong 2025 ambitions, luxury flavour
Target
Upside 107%
Price (€) 12.89
Market Cap (€M) 319
Perf. 1W: -0.31%
Perf. 1M: -0.77%
Perf. 3M: -15.0%
Perf Ytd: -47.6%
10 day relative perf. to stoxx600: -0.72%
20 day relative perf. to stoxx600: -10.3%
Earnings/sales releases10/05/2011

Fact

Q1 11: revenue was €140.6m, up 14.6%, of which c.11% due to the raw material price increase and 4% to higher volumes.
The better top-line growth was in the wool division up 18% to €47.8m.
For H1, management anticipates “very good operational performances” but also highlighted the expected increase in expenses linked to the financial restructuring.


Analysis

During the AGM (06 May), E. Malone indicated that the cost cutting plan had borne fruit since its implementation was launched.
Nevertheless, the big issue for the group is to succeed in managing the huge cost increase, both in term of intensity and rapidity. Price increases were fully passed through in Q1 but results will improve more slowly.


Impact

No change to our forecast at this stage.


Updates
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