MUNICH (dpa-AFX) - Europe's largest laboratory chain Synlab has felt the effects of the sharp decline in Covid tests in the first quarter. Revenues shrank by 2.8 percent year-on-year to a good 682 million euros in the first three months, the company acquired by financial investor Cinven announced in Munich on Wednesday. Operationally, however, things went better. Synlab benefited above all from savings and the sale of parts of the company. The operating result (adjusted EBITDA) increased by around seven percent to 64.8 million euros. The financial investor Cinven now holds around 85 percent of Synlab's share capital.

On balance, the profit attributable to shareholders fell by more than ten percent to 25 million euros in the first quarter. Among other things, higher financing costs had a negative impact. For the current year, the SDax-listed laboratory chain is still aiming for sales of around 2.7 billion euros. Adjusted earnings before interest, taxes, depreciation and amortization are expected to account for 17 to 18 percent of this figure, compared to 16.6 percent in the previous year./mne/zb