German renewables developer PNE claims a 16% drop in the company’s share price is “driven by speculation”.
The Cuxhaven-based outfit closed Friday at €12.14 per share, down from €14.60 at the start of August.
The company said the “sharp price losses are incomprehensible and driven by speculation”.
Chief executive Per Hornung Pedersen (pictured) added: “From our point of view, there is no reason for the share price slide in the development of PNE’s business or in the fundamentals.
“On the contrary: as already explained in the report on the first half year, the operational development is progressing well and we are on schedule.
“We continue to confirm our guidance of an EBITDA of €40m to €50m for the 2024 fiscal year and are confident that we will achieve this. We also believe we are well positioned for the years after 2024.”
In the first half of 2024, the company announced revenues of €60.6m for the first six months of the year, compared to €57.1m in the same period last year.
Earnings before interest, taxes, depreciation and amortisation was €8.7m, down on €18.1m.