Aalberts shares drop after H1 results miss expectations, more cautious outlook
Refiles to remove extraneous word in headline. No changes to text.
** Shares in Dutch industrial group Aalberts AALB.AS fall 7.2% after reporting H1 results
** The group reported H1 15% EBITA margin with EBITA at 242.2 million euros ($262.67 million), 2% below consensus at 246.5 million euros according to Jefferies
** The broker flags the miss was driven by a deteriorating organic revenue decline of 3.9% vs consensus 2.1%
** "The first six months of the year have been challenging as we saw lower activity at our customers, especially headwinds in building technology", CEO Stéphane Simonetta said in a statement
** Jefferies points also to "more cautious outlook", says that Aalberts expects soft markets in eco-friendly buildings to continue in 2H24E
** "Note that Aalberts earlier expected demand to strengthen towards the end of FY24E, according to customer feedback.", it adds
** Up to the previous session's close, shares were up 2.2% YTD
($1 = 0.9221 euros)
Reporting by Leo Marchandon
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