HES Oct’23 sales were down 29.0% YoY; management expects 23.3% YoY decrease in Nov’23 revenue (NEGATIVE)

21.11.2023 Source: Hydraulic Elements and Systems; FFBH

Hydraulic Elements and Systems (HES) monthly sales decreased 29.0% YoY to BGN 6.3m in Oct’23, slightly above management’s expectations of BGN 6.2m. Pre-tax profit for the month amounted to BGN 347k (-69.2% YoY) on a margin of 5.5% (-7.2 p.p. YoY). Jan-Oct 2023 sales stood at BGN 74.9m (-8.5% YoY), while November 2023 is expected to bring to the company revenue of BGN 6.6m (-23.3% YoY), which would bring the YTD sales to BGN 81.5m (-9.9% YoY).