Yesterday, paper group Gascogne reported lower results for the 2023 financial year, penalized by the slowdown in demand and the normalization of its customers' inventories.

After the strong growth recorded in 2022 (+15%), the year 2023 was marked by a gradual slowdown in sales momentum, explains the Landes-based company in a press release.

Annual sales came to 411.2 million euros, down 10.6% on 2022.

Ebitda was 40 million euros, down 26.8% on the record year of 2022, but still its second-best performance in over 20 years.

While the Group says it does not expect a commercial recovery before the second half of 2024, it notes that the first quarter seemed to mark an "inflexion", with several positive signals.

Gascogne nevertheless stresses that the global geopolitical and economic context, as well as trends in raw material prices, transport costs and energy costs, remain 'points of vigilance'.

Listed on the Paris Bourse, the share fell by more than 7% on Wednesday morning following these announcements.

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