(BFM Stock Exchange) – Metex shares are trying to recover this Thursday after falling sharply the day before, in reaction to an article in the Courrier Picard highlighting the difficulties of its Amiens plant. The latter would be “forced into partial unemployment” in the face of rising energy prices. The group issued a press release Wednesday evening explaining that the information was incorrect.
Commodity inflation is now part of the landscape of all economic players. Including METabolic EXplorer or Metex for those familiar with the listed company since April 2007.
According to Courier Picard, the Amiens-based Metex Noovistago factory would be “forced into partial unemployment” from Friday 16 September “until further notice”. Rising energy costs would force the Amiens plant to stop producing amino acids by fermentation for animal feed. The Clermont Group bought it in February 2021 from the Japanese Ajinomoto for 15 million euros.
Faced with rising gas prices, the Clermont group would have “no protection mechanism” according to Portzamparc. Consequently, Metex “has no choice but to reduce its consumption”, adds the Nantes design office. “The very reduced visibility in the short term encourages us to be cautious about the dossier,” continues Portzamparc.
To put out the fire, Metabolic Explorer issued a press release after trading on Wednesday night. The company explains that this information published in the press is “erroneous” and that the “subsidiary of Metex Noovistago” has started consultations with its staff representative bodies in order to temporarily adjust the volume of amino acid production at its site. ‘Amiens. ‘
Metex, however, indicates that the production of this plant will be adjusted to allow the group “to deal with the persistent impacts of the current economic context”, including rising raw material prices. “The group also specifies that it has protection mechanisms for the supply of gas for steam production and Arench quotas for the supply of electricity,” indicates Metex’s clarification in response to the note from Portzamparc, which pointed out to its side the absence of a hedging instrument.
A press release issued by Metex has the merit of allaying market fears a bit on the filing, the title continued up more than 4.6% around 10:40 am. The stock fell 16.6% the day before to return to levels more explored since the end of 2020 in reaction to this information in the media. Since the beginning of the year, METabolic Explorer continues to show a decline of more than 75%, and the lack of visibility of the activities of green chemistry experts is clearly sanctioned by the market.
Lack of visibility in 2022
The increase in the price of agricultural raw materials and energy against the background of the conflict in Ukraine, to which is added the bird flu episode, disrupts the course of the company’s business. These strictly exogenous elements led Metex, as early as May, to be cautious in confirming its earnings forecasts for the current financial year “in a context that offers little visibility and is subject to unprecedented volatility”.
Following a “situational update” – a watered-down formula for announcing a profit warning – published last June, Metex now anticipates a reduction in sales volume and a significant impact of raw material costs on its gross profit. (Ebitda) , which is expected to show a loss in 2022. The company thus suspends its previous forecast, i.e. a turnover of 350 million euros with an EBITDA rate of close to 8%.
Metex will provide additional information to the market in connection with the release of results for the first half of 2022, which is expected on September 30.
Sabrina Sadgui – ©2022 BFM Bourse