HERIGE: Turnover of €306.9 million for the nine-months ended september 30, 2024
A still challenging environment in the third quarter of 2024
In line with expectations, HERIGE posted turnover of €91.3 million in the third quarter of 2024, down 11.4% on the same period in 2023. This downturn reflects a new construction market that remains heavily deteriorated, marked by a historic drop in individual single-family housing starts over the last 12 months3 (down 32.7%), and heightened uncertainty in France concerning support for the renovation sector.
- The Industrial Joinery business was down 13.7% in third-quarter 2024 (down 15.4% excluding the calendar effect), hampered by the wait-and-see attitude caused by ongoing uncertainty surrounding the development of the Prêt à Taux Zéro interest-free loan and the MaPrimeRenov' renovation program, for which the terms and conditions are still pending.
- The Concrete industry posted a slight 0.9% increase in turnover in third-quarter 2024, benefiting from a favorable calendar effect (-9.5% offset by the calendar effect) and positive trends in volumes for ready-mix concretes, demonstrating a certain resilience.
Consequently, over the first nine months of the year, HERIGE's turnover was down 12.9% (down 13.4% excluding the calendar effect) on the same period in 2023, coming in at €306.9 million.
Outlook and developments
In a persistently deteriorated environment, HERIGE is focusing on preserving its economic fundamentals by taking concrete steps to improve its structural and cyclical performance. However, the sharp downturn in business and the sector's bleak outlook will hamper the Group's profitability throughout 2024.
1 For information, sales of businesses (deconsolidated on May 1, 2024) generated turnover of €126.0 million in 2024 (contribution to Group consolidated turnover of €119.7 million, restated for inter-company accounts from January 1, 2024 to April 30, 2024)
2 2023 figures have been restated for the divested businesses
3 Source: SDES, Sit@del2, estimations as of end of September 2024
NEXT PUBLICATION: Q4 2024 turnover on February 4, 2025 (after the close of trading)
All our financial communications are available on our website: www.herige-industries.fr/en
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