STÜHLINGEN (dpa-AFX) - The insulation material and paint manufacturer Sto continues to feel the effects of the weak construction industry. Turnover in the first quarter remained below the previous year's level and expectations, as the SDax-listed company announced in Stühlingen on Monday. In addition, turnover and the operating result for 2023 fell. Shareholders will nevertheless receive a dividend of 31 cents per preference share and a bonus of 4.69 euros, as in the previous year

Last year, turnover fell by 3.9 percent to EUR 1.72 billion compared to 2022, the statement continued. Sto thus achieved the forecast, which had previously been lowered twice and in which burdens resulting from the war in Ukraine and the conflict in the Middle East were deducted. Earnings before interest and taxes (EBIT) fell by 2.5 percent to EUR 126.5 million in 2023, which was within the targeted range.

Sto expects turnover of EUR 1.79 billion for the current year. Earnings before interest and taxes are expected to reach EUR 113 to 138 million.

Sto had already postponed its medium-term targets in mid-March: The turnover of EUR 2.1 billion planned for 2025 and the return on sales based on earnings before taxes of 10 percent are not to be achieved until 2027. For 2025, Sto expects a turnover of EUR 1.9 billion and a return on sales of 7.6 to 9.2 percent. Last year, it amounted to 7.4 percent, and Sto is aiming for 6.3 to 7.8 percent in 2024./niw/mis