BayWa suspends 2024 profit forecast over restructuring

German agricultural group BayWa on Wednesday suspended its full-year profit forecast due on 8 August, citing ongoing restructuring.

It posted a preliminary revenue of €10.7bn ($11.6bn) for the first half of the year, down by 15pc from €12.6bn a year ago.

BayWa's first-half 2024 preliminary earnings before interest, tax, depreciation and amortisation stood at €149.5mn, less than half of the €322.1mn earned in the same period last year.

BayWa said it continues to be in constructive talks with its financing partners, adding that it also has postponed publication of the final half-yearly results to 27 September, citing impairment reviews.

The company commissioned a restructuring report on 12 July in response to a "strained financing situation".

The Munich-headquartered BayWa Group operates in the fields of energy, agriculture — including fertilizers — and building materials.

By Suzie Skipper