Derichebourg was down on the Paris Bourse on Thursday morning, the business services and raw materials recycling operator having published results below consensus on Wednesday.

At 09:00 GMT, the stock was down 6.04%, trailing the SBF120 index, which was eroding 0.25% at the same time.

On Wednesday, the Group reported sales of 3.6 billion euros for the 2022-2023 financial year, down 16.7% on the previous year, and below the consensus figure of 3.753 billion euros.

Net income came to 5.6 million euros, compared with 19.2 million in the previous year.

In a presentation to analysts, Derichebourg points to a more difficult economic environment in 2023 after two years of exceptional market conditions, with the Group having to contend with falling demand and prices for recycled metals, and rising energy prices.

Derichebourg is nonetheless aiming for current Ebitda in excess of 350 million euros for 2024, compared with 334.8 million achieved in the 2022-2023 financial year, thanks to stabilizing demand, lower energy prices and a rebound in scrap metal prices.

"Derichebourg has unveiled figures impacted by the deterioration in the scrap metal cycle that are totally in line," comments Julien Thomas, analyst at Midcap Partners, in a note, deeming the group's Ebitda target "realistic". (Written by Corentin Chappron, edited by Kate Entringer)