Momentum builds: strong sales and improving profitability
This release is a summary of
January-
- Invoiced sales amounted to
EUR 22.9 million (21.2) -
Net sales increased by 7.5% to
EUR 22.0 million (20.5) -
Adjusted EBITDA was
EUR 3.8 million (3.4) -
Adjusted EBITA was
EUR 2.8 million (2.4), representing 12.6% of net sales (11.7) -
Operating profit was
EUR 2.8 million (2.3) -
Net cash flows from operating activities were
EUR 4.1 million (2.5) - Net debt / Adjusted EBITDA was 1.3 (2.4)
-
Earnings per share, basic was
EUR 0.09 (0.07) - The new SmartStore(TM) Collect Biowaste container was awarded with "Winner" at the German Design Awards 2024 for excellent product design, in the category "Eco Design".
Orthex reached the highest Leadership level with the top score A- inClimate Disclosure Project's (CDP) global climate reporting and ranked in 6th place among the Nasdaq Helsinki small-cap companies in the Nordic Business Diversity Index.Orthex published its Annual and Sustainability Report 2023 and reported it achieved or exceeded most of the sustainability targets set for the year 2023.
Long-term financial targets
As long-term financial targets the company has adopted to an average annual organic Net sales growth to exceed 5 per cent at the Group level and to exceed 10 per cent outside the Nordics (growth in local currencies), adjusted EBITA margin (adjusted for items affecting comparability) to exceed 18 per cent over time and net debt to adjusted EBITDA ratio to stay below 2.5x. Leverage may temporarily exceed the target range (for example, in conjunction with acquisitions).
The company aims to distribute a stable and over time increasing dividend with a pay-out of at least 50 per cent of net profit, in total, on a biannual basis.
Key figures
EUR million | 1-3/2024 | 1-3/2023 | Change | 1-12/2023 |
Invoiced sales | 22.9 | 21.2 | 8.1% | 88.0 |
Net sales | 22.0 | 20.5 | 7.5% | 85.9 |
Gross margin | 6.7 | 5.4 | 23.4% | 24.3 |
Gross margin, % | 30.4% | 26.5% | 28.3% | |
EBITDA | 3.8 | 3.4 | 14.1% | 14.9 |
EBITDA margin, % | 17.4% | 16.4% | 17.3% | |
Adjusted EBITDA | 3.8 | 3.4 | 12.2% | 14.9 |
Adjusted EBITDA margin, % | 17.4% | 16.6% | 17.4% | |
EBITA | 2.8 | 2.3 | 17.8% | 10.9 |
EBITA margin, % | 12.6% | 11.5% | 12.6% | |
Adjusted EBITA | 2.8 | 2.4 | 15.1% | 10.9 |
Adjusted EBITA margin, % | 12.6% | 11.7% | 12.7% | |
Operating profit | 2.8 | 2.3 | 19.3% | 10.8 |
Operating profit margin, % | 12.5% | 11.3% | 12.5% | |
Net cash flows from operating activities | 4.1 | 2.5 | 62.3% | 10.2 |
Net debt / Adjusted EBITDA | 1.3x | 2.4x | 1.5x | |
Adjusted return on capital employed (ROCE), % | 8.2% | 7.2% | 31.8% | |
Equity ratio, % | 41.0% | 37.6% | 40.2% | |
Earnings per share, basic (EUR) | 0.09 | 0.07 | 18.5% | 0.39 |
FTEs | 287 | 281 | 2.5% | 281 |
"
Invoiced sales in the Nordics improved by 8.4% compared to a weak comparison period and were
The biggest category Storage performed well and grew by 10.0% compared to January-March last year. The Kitchen category is strong in the Nordic countries and the normalising Nordic demand is visible in the sales growth of 7.9%. The newly implemented SmartStore rebranding of food storage products shows positive effects in the form of increasing customer interest.
In reporting,
Changes in operational management were implemented towards increasing company-wide responsibilities. Our ambition to be the leading storage category brand in
Sustainability is a core element in implementing
Our strategy is working well, we adapt to changes systematically, and our results are improving. Our employees' dedication and stakeholder support are crucial, and we keep building the positive momentum to achieve our goals. Together we will ensure strong foundations for continued growth and increasing profitability."
Press conference on financial results:
Q&A:
Questions to the management can be sent through the meeting chat.
Presentation material:
The presentation material will be shared in the online meeting, and it can be downloaded in the same day on
Recording of the event:
After the event, a recording will be available on the company's website at Reports & presentations -
Further enquiries:
Tel. +358 (0)40 500 3826
alexander.rosenlew@orthexgroup.com
Saara Mäkelä, CFO,
Tel. +358 (0)40 083 8782
saara.makela@orthexgroup.com
Distribution:
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https:/investors.orthexgroup.com/
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