Geberit reports 14% drop in H1 revenue

Credit: REUTERS/Arnd Wiegmann

Aug 17 (Reuters) - Swiss plumbing supplies maker Geberit GEBN.S on Thursday reported a 14% drop in revenue for the first half of the year, citing a difficult environment in the European construction industry.

The group, which makes piping and ceramic products for bathrooms, reported turnover of 1.66 billion Swiss francs ($1.89 billion) for the first six month of 2023,down from 1.93 billion francs the previous year.

For the full year, the company now expects a mid-single-digit decline in net sales in local currencies and an EBITDA margin of around 29%.

($1 = 0.8803 Swiss francs)

(Reporting by Anastasiia Kozlova and Amir Orusov in Gdansk, Editing by Friederike Heine)

((Anastasiia.Kozlova@thomsonreuters.com; Amir.Orusov@thomsonreuters.com))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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