Fluidra Achieves Sales of € 1,171 Million and Expands EBITDA Margin in the First Half of 2024
August 01 2024 - 2:45AM
Business Wire
- Strong performance in line with expectations, with excellent
cash generation
- Sequential sales improvement in the second quarter across
all regions
- Simplification Program driving margin expansion
- Confident on delivering FY 2024 guidance
Fluidra, the global leader in equipment and connected solutions
in the pool and wellness sector, achieved sales of €1,171 million
in the first half of 2024, slightly down compared to the same
period last year and in line with expectations.
EBITDA of €296 million, was up 3% thanks to strong gross margin
expansion, driven by the Simplification Program, together with
positive geographic mix effects and lower raw material costs.
Cash Net Profit reached €157 million, up 4%, while net profit
stood at €112 million, increasing 8% year-on-year. Cash generation
was excellent with improved working capital and net debt levels,
reducing net debt by €150 million YoY. At the end of June, net debt
to EBITDA ratio improved to 2.5 times.
In the first half of the year, North America delivered a strong
performance, up 4%, while Europe was affected by unfavorable
weather and a sluggish macro. Looking at the second quarter, all
regions saw a sequential improvement, with overall sales up 1%.
The Simplification Program has delivered cumulative savings of
€47 million since it started. On a run rate basis, the company
expects to achieve more than €60 million of savings by the end of
2024, with global strategic procurement efforts and product
design-to-value initiatives as the main value generators this year.
As a reminder, between 2023 and 2025 the program is expected to
deliver a total of €100 million EBITDA improvement.
Confident in our future
Fluidra is confident in delivering its full year guidance,
maintaining the midpoint while narrowing the range. The company
expects 2024 sales between €2,025 and 2,125 million, EBITDA between
€450 and 480 million and Cash EPS between €1.12 and 1.20 per
share.
Eloi Planes, Fluidra’s Executive Chairman, said: “I am pleased
with the results presented today. We have delivered a strong
performance in the first half of the year in a normalized trading
environment, with a resilient aftermarket and some weakness in
demand for new pools.
“We are the leader in an attractive sector with long-term
structural growth and our position is further improving, driven by
our customer-centric approach, innovative product offering, global
geographic footprint, and leadership in connected and sustainable
pools. We are confident in our future and our ability to create
value for our stakeholders.”
Alternative performance measures (APMs)
Fluidra’s financial statements are prepared according to IFRS
and other applicable regulation. The financial information in this
document also includes Alternative Performance Measures (‘APMs’).
For further details, please visit the following link.
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