Purmo’s Decreased Turnover and Increased EBITDA in Line with Predictions

Purmo Group, a leading manufacturer of heating and cooling systems, has recently released its financial statements for the October-December period. Despite seeing a decrease in turnover to 175.0 million euros from 206.6 million euros in the same period of the previous year, the company’s adjusted EBITDA increased to 21.1 million euros from 16.3 million euros in the comparison period.

The adjusted earnings per share improved to 0.15 euros from 0.04 euros in the same period, while the loss deepened to 0.59 euros from 0.17 euros in the comparison period due to one-time costs associated with the company’s development program. The adjusted profit per share for the whole year was EUR 0.68, and the profit per share for 2022 was EUR 0.79.

Looking ahead, Purmo expects the adjusted EBITDA for 2024 to be at the same or higher level compared to 2023, and its board is proposing a return of capital equivalent to a dividend of 0.36 euros. The development program has exceeded expectations and supports Purmo Group’s outlook for 2024, resulting in an update of its goal for profitability improvement.

Managing director John Peter Lees praised the last quarter of the year, noting that it was a strong achievement in a weak demand market due to destocking by customers and repair shops in key product groups. Lees highlighted Purmo’s margin management measures that led to a strong improvement in adjusted EBITDA margin and strengthened balance sheet positioning.

Looking forward, Purmo will continue its margin management measures and remains optimistic despite increased geopolitical risks and high general uncertainty that may impact their core market growth opportunities.

In conclusion, Purmo Group has successfully navigated through a challenging year on a positive note with improved financial performance and strengthened position for future growth opportunities.

By Editor

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