B&S Group S.A. ("B&S") a company in the consumer goods industry, today publishes its half year 2024 results ("HY 2024").
Highlights HY 2024
• Overall turnover increased organically by 4.2% to € 1,102.1 M;
• Gross profit increased by 5.2% to € 166.0 M (HY 2023: € 157.7 M), with a gross profit margin of 15.1% (HY 2023: 14.9%);
• EBITDA increased to € 52.7 M (HY 2023: € 42.2 M). EBITDA margin increased to 4.8% (HY 2023: 4.0%) mainly due to higher gross profit;
• Net cash from operations amounted to € -/- 44.1 M (HY 2023: € -0.3 M), as a result of higher working capital positions;
• Net debt / EBITDA at June 30, 2024 stood at 3.4 (3.6 at June 30, 2023);
• Net profit amounted to € 16.4 M (HY 2023: € 12.2 M);
• Net profit attributable to shareholders B&S Group € 13.2 M (HY 2023: € 7.0 M);
• Earnings per share equals € 0.16 (HY 2023: € 0.08);
• Acquisition in Personal Care of € 7 M enabling synergies and contributing to the execution of the strategy of Personal Care;
• Acquired a 50% economic ownership in Government and Defense Projects;
• Acquired 24,2% in Personal Care for a price of €46.9 M of which € 23.45 M was paid in Q1 2024. The remainder is payable in Q1 2025. Through this transaction the Group now holds 95% of the shares in Personal Care.
Highlights Q2 2024 (compared to Q2 2023)
• Overall turnover increased by 7.7% from € 531.6 M to € 572.4 M (7.2% on a constant currency basis.
Message from the Executive Board
In the first half year Personal Care (+11%), and Beauty (+7%) showed continued strong performance. Health (+14%) grew on the back of the vaccine business, focus on the cruise market is starting to pay off. Food (+14%) delivered on the promise of the cruise industry, Travel Retail (+27%) benefited from prior years' investments in new stores and the recovering traveller's market. Liquors (-/- 11%) saw decreasing revenues especially in the global trade business.
Net debt/EBITDA ratio improved from 3.6 to 3.4. This improvement created also room to further invest into inventories in the segments Personal Care (€ 19.3 M) Food (€ 16.4 M) and Beauty (€ 7.0 M) partly attributable to seasonal patterns and to the growth in turnover of € 45 M. Stronger focus on Working Capital management continues to be needed in HY2.
Operating expenses increased with 0.8% and as a consequence the Gross Margin increase of 5,2% directly contributed to the increase in EBITDA.
In the first HY we revisited the strategy of Liquors and decided to further integrate the European wholesale business from a managerial and logistical perspective. The global trade purchasing model was revisited leading to a decrease in the risk profile of certain product categories. Both decisions are expected to contribute to a lower working capital level.
We expect the remainder of the year to be influenced by increased container prices due to the current geopolitical reality, inflation rates and development of the global economy especially in Asia.
Our CSRD related programs are on track. Furthermore there was an improvement in the engagement scores and participation levels in our annual people engagement survey.
For the remainder of 2024, we reconfirm the previously shared outlook with projected topline growth of 5%-7% in line with our Financial objectives 2024-2026. We project staff cost and other operating expenses in line, yet inflation is expected to remain a factor. Despite projected market circumstances increasing pressure on gross profit margins, we still project EBITDA margin in the range 5% - 6%.
Download press release:
https://www.bs-group-sa.com/data/uploads/2024/08/Press-release-BS-Group-SA-HY-2024-results.pdf
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