MAINTAL (dpa-AFX) - The fastening technology manufacturer Norma Group expects a slight upward trend in profitability in the new year. The company announced in Maintal on Tuesday that the profit margin before interest and taxes, adjusted for special effects, should be in a range of around 8.0 to 8.5 percent of sales. In the previous year, the operating margin had remained at 8.0 percent. Turnover should reach around 1.2 to 1.3 billion euros in 2024 and thus remain at a stable level. Analysts had expected figures in these ranges on average.

"The overall economic development will remain difficult in the current financial year," said CEO Guido Grandi according to the press release. He is therefore cautious about business development. The supplier for the automotive industry and agriculture confirmed the preliminary figures for turnover and earnings in the previous year. The bottom line profit fell by almost 29 percent to 27.9 million euros. The dividend is to fall by 10 cents to 0.45 euros./men/zb