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Aalberts shares drop after H1 results miss expectations, more cautious outlook



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** 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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