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M+S Hydraulic reports 18.5% decline in Jun’19 sales, expects another 15% in July (NEGATIVE)

M+S Hydraulic Jun’19 sales met the management’s guidance and amounted to BGN 9.5m, a decline of 18.5% YoY. The pre-tax earnings shrank by 37.6% YoY to BGN 1.3m – a margin contraction of 4.1 p.p. over the period. The weak June continued the YTD trend of declining top line of the company. Jan-June sales fell 9.5% YoY to BGN 59.4m, while EBT lost 27% YoY to BGN 8.3m. The respective margin lost 3.3 p.p. YoY to 14%. For Jul’19 the management forecasted 15% sales decline to BGN 10.8m.

Source: M+S Hydraulic; FFBH

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