Pyrum trims sales forecast on lower volumes

Dillingen, Germany – Pyrum Innovation AG has lowered its sales forecast for 2023 to between €1.1 million and €1.5 million, down from an earlier target of €1.8 million to €2.5 million.

Also, the end-of-life tire (ELT) pyrolysis company now expects 'total output' to range between €13 million and €15 million – down from €14-16 million previously.

'Total output', according to Pyrum, is calculated from "sales, plus changes in inventories and other own work capitalised."*

In a 24 Nov statement, Pyrum said its results and net assets during the first three quarters of 2023 were significantly influenced by investment at its headquarters site in Dillingen.

Results were also impacted by an increased payroll and “lower than expected” sales development due to “the still unsatisfactory throughput in the plant for rCB milling and pelletising.”

Sales in the first nine months totaled €842,000, 18% higher than in the same period of the previous year.

'Total output' fell by 24% year-on-year to €10.7 million down from €14.1 million, due to “a decline in own work”, Pyrum added.

Operating income for the period more than halved year-on-year to €456,000, down from €1.0 million last year.

The decline, Pyrum noted, was due to smaller fundings secured, compared to the BlackCycle project in 2022.

The company posted a consolidated net loss for the period of €6.8 million, compared to a loss of €5.6 million reported in the first three quarters of 2022.

*Pyrum defines 'own work capitalised' as "the value of self-produced assets that are not sold but used by the company itself and are therefore also capitalised in the balance sheet."