Tue 09/20/2022 08:21 AM
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Lockdowns in China stalled German elevator component group Wittur’s recovery in the second quarter, despite strong growth in Europe, the rest of the world and the rest of Asia. The group managed to reduce its cash burn but the earnings slump sent net leverage about 0.7x higher. However, Wittur said it expects China to recover and working capital to unwind in the second half while falling input costs should boost margins, which means net leverage could improve by over 2x by year-end, sources
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