Neo Performance Materials Inc (TSE:NEO) has released an update.
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Neo Performance Materials Inc. has reported a robust financial performance with a significant increase in Adjusted EBITDA to $24.2 million and a raised fiscal 2024 outlook, anticipating a 20-35% growth over the previous year. The company also noted a substantial margin expansion, with Adjusted EBITDA margin growing by 390 basis points. Additionally, Neo is progressing with its European Sintered Magnet Facility, expected to cater to 35% of its Phase 1 capacity for electric vehicle traction motors, while streamlining its operations by selling its gallium trichloride facility.
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