GESCO SE publishes half-year report 2024

EQS-News: GESCO SE / Key word(s): Half Year Report/Half Year Results GESCO SE publishes half-year report 2024 13.08.2024 / 07:30 CET/CEST The issuer is solely responsible for the content of this announcement. Subdued demand leads to decline in sales and earnings No recovery in demand expected in the second half of the year Increase in earnings expected in the second half of the year due to projects Prime Standard-listed GESCO SE, an industrial group of medium-sized market and technology leaders, published its half-year report 2024 today.

The economic upturn expected at the beginning of the year for the second half of the year continues to be delayed. The recent deterioration in sentiment indicators and the renewed decline in incoming orders and production show a continuing weakness in German industry. The mechanical engineering sector is currently experiencing an even worse development. While a decline of 3% is expected for the EU as a whole in the current year, mechanical engineering in Germany is expected to fall by as much as 4%. GESCO Group was unable to escape this persistently weak economic development in Germany and Europe, with noticeably subdued demand in the first half of the year.

As in the first quarter, incoming orders at GESCO Group exceeded sales in the second quarter and, for the first time in some time, were higher than in the same quarter of the previous year. In conjunction with the usual delivery of some mechanical engineering projects at the end of the second half of the year, GESCO anticipates an increase in earnings in the second half of the year. However, the overall economic development of GESCO Group prompted the Executive Board to adjust its forecast for the current financial year at the end of July and reduce its sales and earnings expectations. Group sales of € 520 - 540 million and Group earnings after minority interest of around € 8 - 12 million are expected for financial year 2024 as a whole.