Dowlais shares surge following trading update
By Iain Gilbert
Date: Wednesday 13 Nov 2024
(Sharecast News) - Specialist engineering group Dowlais said on Wednesday that year-to-date trading was in line with expectations and that its full-year outlook remained unchanged.
Dowlais said it had continued to "execute well" on its strategic priorities, with a continued focus on delivering operational efficiencies and commercial recoveries.
The FTSE 250-listed group delivered £4.2bn of adjusted revenue in the period, reflecting a 6.1% year-on-year decline, principally driven by continued weakness in its ePowertrain product line.
Translational foreign exchange headwinds were £173.0m, resulting in a year-on-year reported adjusted revenue decline of 10%, while adjusted operating margins for the period came to 6.1%, down 30 basis points year-on-year.
As of 0930 GMT, Dowlais shares were up 13.56% at 54.60p.
Reporting by Iain Gilbert at Sharecast.com
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