Afarak Group Forecasts Sharp Profit Decline

Afarak Group Plc (GB:AFRK) has released an update.

Afarak Group SE anticipates a significant downturn in financial performance for the first half of 2024, with expected EBITDA dropping by 70% and turnover by 26% compared to the previous year. Despite challenging market conditions, particularly in the stainless steel sector and increased competition from imports, the company has continued to improve productivity and cut production costs. The Special Grade Market segment has seen increased demand and price improvements, yet the company’s margins are still negatively affected by the standard grade pricing situation.

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