Corticeira Amorim SGPS SA (DE:AS4) has released an update.
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Corticeira Amorim reported a decrease in consolidated sales to €500.7 million in the first half of 2024, a 7.1% drop from the previous year, due to challenging market conditions and higher cork prices. Despite this, the company maintained an EBITDA margin of 18.9% and announced a new organizational model, Amorim Cork Solutions, aiming for increased efficiency and market share in ‘non-cork stopper’ operations. The restructuring includes the merging of three business units to improve industrial, commercial, and support synergies, with João Pedro Azevedo set to lead as CEO from January 2025.
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