EQS-News ACCENTRO Increases Revenues – but Revises 2022 Forecast due to Challenging Market Environment
EQS-News: Accentro Real Estate AG / Key word(s): Quarterly / Interim Statement/Real Estate
ACCENTRO Increases Revenues – but Revises 2022 Forecast due to Challenging Market Environment
- Revenues increased by 15.3% to EUR 144.6 million during first nine months of 2022
- Gross profit margin just slightly below prior-year level at 24.5%
- EBIT of EUR 9.6 million
- New forecast for 2022 financial year: Revenues of EUR 160-170 million, EBIT of EUR 8-10 million
Berlin, 30 November 2022 – ACCENTRO Real Estate AG, an investor in residential real estate and Germany’s leading housing privatisation company, achieved a solid business performance during the first nine months of the 2022 financial year despite the extremely challenging current market environment.
“We are going through difficult times. Every economic forecast now sees the German economy either heading for, or already in, a recession. The only question left open is how long and how bad the economic downturn will be,” said Lars Schriewer, CEO of ACCENTRO Real Estate AG. This combination of adverse factors has also impacted the German housing market during the second half of the year. “We are currently seeing a high degree of uncertainty among our customers – with investment decisions taking significantly longer or being postponed altogether.” At the same time, financing costs have risen enormously. More and more customers are therefore forced to postpone or even cancel their purchases.
“Even though we cannot escape the currently challenging market environment and have to adjust our forecast for the ongoing year, I face the future of our company with great confidence. Germany’s housing market has been, and remains, an attractive growth market. ACCENTRO is superbly positioned to benefit from the fact. Our sales strength, our sales portfolio worth c. EUR 300 million and the growing and prospering rental business constitute the broad-based foundation of our success,” said Schriewer on the presentation of the nine-month-figures.
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