Purmo Group, a leading manufacturer of heating and cooling systems, recently released its financial statements for the October-December period. Despite a decrease in turnover from 206.6 million euros to 175.0 million euros, the company’s adjusted EBITDA increased to 21.1 million euros from 16.3 million euros in the previous year.
The adjusted earnings per share improved to 0.15 euros from 0.04 euros in the same period, while the loss deepened to 0.59 euros from 0.17 euros due to one-time costs associated with the company’s development program. The adjusted profit per share for the whole year was EUR 0.68, and the profit per share for 2022 was EUR 0.79.
Looking ahead, Purmo expects the adjusted EBITDA for 2024 to be at the same or higher level compared to 2023, and the company’s board is proposing a return of capital equivalent to a dividend of 0.36 euros. The company’s development program has surpassed expectations and supports Purmo Group’s outlook for 2024, resulting in the updating of the program’s goal.
Managing director John Peter Lees praised the last quarter of the year, noting that it was a strong achievement in a year with weak demand due to destocking of customers and repair shops in the market and key product groups. Lees highlighted the company’s margin management measures that led to a strong improvement in adjusted EBITDA margin and the strengthening of the balance sheet.
Looking ahead, Purmo will continue its margin management measures and remains optimistic despite increased geopolitical risks and high general uncertainty that may impact the company’s core market