• Group revenues +61% y/y to EUR 26.6m
• Solid sales development in Hungary, Romania and Greece driving EUR 17.3m revenues in Europe, up 106% y/y
• North American revenues +14% y/y to EUR 9.3m on increase in both RVM sales and program service revenues
• Gross margin 35.6% with gross profit at EUR 9.5m, +66% y/y
• EBITDA EUR 2.6m for a margin of 9.6%
H1 2024 Highlights
• Group revenues +101% y/y to EUR 54.0m
• Europe revenues +248% y/y to EUR 37.2m, driven by advances in Hungary, Romania, and Greece
• Gross margin 35.3% with gross profit at EUR 19.1m, +107% y/y
• EBITDA EUR 5.6m for a margin of 10.3%*
• Successful private placement raising gross proceeds of EUR 26m in March 2024
* Unaudited figures. Q1 24 financials have been restated on basis of IFRS 16 adjustment.
Amersfoort, The Netherlands - 15 August 2024 - Envipco, a global provider of recycling systems and reverse vending machines, continued to grow at a fast pace during the second quarter, posting revenue growth and commercial momentum for both the European and the North American operations.
Q2 24 group revenues grew 61% y/y to EUR 26.6 million, driven by strong advances in Hungarian, Romanian and Greek operations. Gross profit increased 66% y/y to EUR 9.5 million corresponding to a gross margin of 35.6%, up from 34.5% in Q2 23. EBITDA was EUR 2.6m in the quarter for an EBITDA margin of 9.6%, up from EBITDA of -0.1m in Q2 23.
CEO Simon Bolton comments:
"Q2 24 has been another solid quarter for Envipco. We continue to grow at a fast pace, with 12- month trailing revenues close to EUR 115 million, driven by strong advances in our Hungarian, Romanian and Greek operations. We are pleased to see a nice upturn in North American operations as well, with y/y growth in both RVM sales and program services.
Our business development activities remain at high levels, and we are continuing to invest in new markets. Activities in our current key European markets Hungary, Romania and Greece remain high, markets anticipated to drive growth also in the second half of 2024. Commercial requests and our business development activities are quickly picking up momentum in Portugal and Poland, which are expected to be the next two markets to introduce deposit return schemes (DRS). We are further piloting our Quantum bulk feed technology in various European and North American markets and anticipate a rising opportunity pipeline ahead.
The long-term outlook for our industry remains very promising. EU is closer to introducing DRS across the continent in the second half of the decade and the UK has announced intent to introduce DRS in 2027. Envipco's leading technology plays an important role in DRS operations and our vast experience and delivery capacity give us confidence to continue to expand and grow our market share."
Press release:
https://www.envipco.com/news-press-releases/press-release'slug=envipco-delivering-strong-growth-in-existing-markets-new-markets-upcoming
© 2024 GlobeNewswire (Europe)
