FRANKFURT (dpa-AFX Broker) - Preliminary business figures for 2023 from Nordex underpinned investors' confidence in the company's improved business again on Monday. With a plus of 5.64 percent to EUR 10.04, the shares were the second strongest MDax stock behind Delivery Hero in the morning. The wind turbine manufacturer significantly exceeded analysts' average revenue expectations for 2023, while earnings before interest, taxes, depreciation and amortization (EBITDA) fell short.

In an initial reaction, expert Constantin Hesse from investment firm Jefferes spoke of a signal of robust business towards the end of the year. The results underpinned the improvement in operating performance. Some investors may have doubted this recently, as a look at the share price performance shows.

The Nordex share price had recently stabilized between around EUR 9 and around EUR 10 after a prolonged period of weakness - it had fallen by 21 percent in 2023. It fluctuated around the 21-day line. The shares continued to fall away from this average price, which currently stands at EUR 9.46, on Monday. The line is still pointing downwards.

Nordex increased its revenue in 2023 from EUR 5.7 billion to just under EUR 6.5 billion, as the company announced on Monday on the basis of preliminary figures in Hamburg. Earnings before interest, taxes, depreciation and amortization (EBITDA) reached the break-even point at two million euros. In the previous year, a loss of 244 million euros was recorded. Nevertheless, investments amounted to around 131 million euros in 2023, which was significantly less than in 2022. This was also less than forecast, the company said.

"2023 was a year of transition with a step in the right direction," said Nordex CEO José Luis Blanco according to the press release. "After a weak start, as expected, we gradually improved from quarter to quarter with a stronger second half of the year."/mis/ck/stk