Akzo reported a better than expected performance as the top-line development showed quite some stability until the start of lockdowns in Europe and the Americas. Interestingly, the company was in a position to increase its profitability in Q1, despite a negative top-line development. Our expectations have been beaten, but consensus was even stronger. We see the positive Q1 developments as more of a one-off and expect Q2 to be more disastrous.
22 Apr 2020
Two strong months made the pace
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Two strong months made the pace
Akzo reported a better than expected performance as the top-line development showed quite some stability until the start of lockdowns in Europe and the Americas. Interestingly, the company was in a position to increase its profitability in Q1, despite a negative top-line development. Our expectations have been beaten, but consensus was even stronger. We see the positive Q1 developments as more of a one-off and expect Q2 to be more disastrous.