First quarter highlights
- Net sales amounted to SEK 1,045.2 million (1,143.3), corresponding to -8.6 percent. The organic change was -11.5 percent in local currencies.
- EBITA amounted to SEK 18.3 million (72.0) and the EBITA margin was 1.7 percent (6.3).
- Adjusted EBITA amounted to SEK 20.3 million (74.1) and the adjusted EBITA margin was 1.9 percent (6.5).
- Profit for the period amounted to SEK -9.9 million (28.9), earnings per share before and after dilution were SEK -0.20 (0.58).
- Operating cash flow totalled SEK 18.4 million (77.1).
- The order backlog increased to SEK 3,083.2 million (2,851.6).
Significant events during the quarter
- Fasadgruppen completed the acquisitions of Danish balcony specialist Alument and Norwegian roofing and solar cell company Elenta.
- Fasadgruppen has initiated a cooperation with SEB for energy renovations for tenant-owner associations.
Condensed CEO comment from Martin Jacobsson: "Low season with favourable order backlog development"
"The first quarter is the low season for Fasadgruppen and the beginning of 2024 was no exception. The combination of a low number of projects in progress, cold temperatures and an early Easter led to reduced earnings, particularly when compared with the first quarter of 2023, which was unusually strong. The results for the period represent only a very small proportion of the year as a whole. Generally, we are seeing continued good demand for our services.
Sales in the first quarter amounted to SEK 1,045 million, a decrease of 9 percent compared with the same period in the previous year. The organic decline was 12 percent. The majority of this decrease is attributable to the Swedish operations. Norway and Denmark reported small organic declines, while Finland developed favourably.
Adjusted EBITA decreased considerably compared with the first quarter of 2023, as did the margin, which was only 1.9 percent. This development also relates mainly to operations in Sweden, where the competitive situation remains tangible. In the first quarter, earnings are more affected by project activity within new construction, which is less seasonal in nature than renovation (renovation contracts usually begin during spring). This year, there were fewer projects within new construction than there were in early 2023.
The margin has also been affected by somewhat high personnel costs. The number of redundancies, for which notice was given in the autumn, was a bit lower than estimated, as a result of the positive development in the order backlog. Keeping overheads down while at the same time retaining skilled employees for the projects that are in the pipeline is an ongoing balancing act.
The order backlog development is the clear positive highlight for the period, with organic growth of 4 percent. Norway, Denmark and Finland all achieved positive development, while Sweden continued to decline. The order backlog relative to net sales on a rolling 12-month basis is stronger compared with the same period in the previous year. Also, we note that the margin in the order backlog is stable to slightly growing."
Report presentation
The interim report will be presented in a conference call and webcast today on 8 May 2024 at 8.15 a.m. CEST.
Link to webcast: https://ir.financialhearings.com/fasadgruppen-group-q1-report-2024
Registration for participation by phone: https://conference.financialhearings.com/teleconference/?id=50048881
For more information, please contact:
Adrian Westman, Head of Communications & Sustainability
Mail: adrian.westman@fasadgruppen.se
Tel. +46 (0) 73-509 04 00
About Fasadgruppen
Fasadgruppen Group AB (publ) acquires and develops entrepreneurial specialist companies that care for and create sustainable properties. The Group's subsidiaries possess expertise in all aspects of exterior work on properties, such as façades, windows, balconies and roofs. Common to most services is that they contribute to greater energy efficiency and a better living environment. Fasadgruppen is listed on Nasdaq Stockholm (ticker: FG). For more information, visit www.fasadgruppen.se.
This information is information that Fasadgruppen is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-05-08 07:30 CEST.
