ESSEN (dpa-AFX) - Chemicals trader Brenntag is cautious about the current year after a decline in sales and earnings. The company expects the sequential recovery in sales volumes to continue in 2024. The war in Ukraine, the conflict in the Middle East, geopolitical tensions and the slow decline in inflation will continue to cause uncertainty with regard to growth expectations for the global economy, the DAX-listed company announced in Essen on Thursday. For the current year, Brenntag therefore anticipates a slight decline in operating profit in the worst-case scenario. The company is targeting adjusted earnings before interest, taxes and goodwill amortization (operating Ebita) of 1.23 billion to 1.43 billion euros.

In 2023, the chemicals trader felt the effects of weaker demand. Turnover shrank by 13.5 percent year-on-year to 16.8 billion euros. A stronger euro also had a negative impact - adjusted for currency effects, the decline amounted to eleven percent. Adjusted for special effects, earnings before interest, taxes and goodwill amortization fell by 16.3 percent to 1.27 billion euros. A profit of just under 715 million euros was attributable to shareholders after almost 887 million euros in the previous year. The company's figures fell short of analysts' expectations. Brenntag's management intends to increase the dividend from 2.00 euros in the previous year to 2.10 euros per share./mne/stk