Purmo Group, a leading manufacturer of heating and cooling systems, recently published its financial statements for the October-December period. Despite a decrease in turnover to 175.0 million euros from 206.6 million euros in the same period of the previous year, the company’s adjusted EBITDA rose to 21.1 million euros from 16.3 million euros in the comparison period.
The adjusted earnings per share also improved to 0.15 euros from 0.04 euros, while the loss deepened to 0.59 euros from 0.17 euros in the comparison period due to one-time costs related to 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 development program has surpassed expectations and supports Purmo Group’s outlook for 2024, resulting in an updated goal of achieving a higher level of profitability than expected earlier in the year.
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 how margin management measures led to a strong improvement in adjusted EBITDA margin and strengthened balance sheet position.
Looking ahead, Purmo will continue its margin management measures and remains optimistic despite increased geopolitical risks and high general uncertainty that may impact its core market.
The company also foresees opportunities for acquisitions due to its strengthened balance sheet position.
Overall, Purmo Group has concluded a challenging year on a positive note with improved financial performance and stronger position for future growth.