Interim Financial Report H1
August 14 2024 - 11:44AM
UK Regulatory
Interim Financial Report H1
Company Announcement No. 6 - 2024
to Nasdaq Copenhagen
2024.08.14
Interim Report 2nd quarter
2024
In the second quarter of 2024 AO achieved a
revenue of DKK 1,302m, an EBITDA of DKK 75m, and an EBT of DKK 38m.
The revenue development was slightly better than expected.
Market activity in general was similar to the
same period last year. With one more working day in the quarter the
like-for-like sales improved over the quarter returning to positive
growth towards the end of the quarter. Organic revenue development
adjusted for acquisitions and number of working days was -1.6% for
the quarter. Reported revenue growth was 2.8%.
| Financial
Highlights (DKKm) |
|
Q2 2024 |
Q2 2023 |
H1 2024 |
H1 2023 |
|
| |
|
|
|
|
|
|
| Net
Revenue |
|
1,301.8 |
1,266.1 |
2,552.8 |
2,670.3 |
|
| Gross
Margin |
|
296.3 |
299.0 |
589.2 |
632.9 |
|
| EBITDA |
|
75.1 |
92.6 |
143.3 |
214.5 |
|
| EBT |
|
37.7 |
57.5 |
71.9 |
140.8 |
|
| |
|
|
|
|
|
|
| Key ratios
(%) |
|
|
|
|
|
|
| Revenue Growth
Rate |
|
2.8 |
|
(4.4) |
|
|
| Gross
Margin |
|
22.8 |
23.6 |
23.1 |
23.7 |
|
| EBITDA
Margin |
|
5.8 |
7.3 |
5.6 |
8.0 |
|
| EBT
Margin |
|
2.9 |
4.5 |
2.8 |
5.3 |
|
Revenue
AO continued to gain market shares in the B2B
segment. Project sales are still under pressure from low market
activity and price competition. The B2C segment posted positive
growth rates for the third quarter in a row. The Q2 revenue was DKK
1,302m (DKK 1,266m).
EBITDA
EBITDA amounted to DKK 75m, equivalent to an
EBITDA margin of 5.8%.
EBT
EBT amounted to DKK 38m, corresponding to a
margin of 2.9%.
Guidance for 2024
Guidance is updated after the three acquisitions
announced during Q2.
Revenue for 2024 is expected to be in the range
of DKK 5,300 to 5,500m. Previous guidance was revenue of DKK 5,000
– 5,200.
EBITDA expectation is unchanged in the range of
DKK 340 to 370m.
Profit before tax (EBT) expectation is unchanged
in the range of DKK 200 to 230m.
Financial outlook assumptions are detailed in
the interim financial report.
Webcast
The Interim Report for Q2 2024 will be presented
in English via webcast on August 15, 2024, at 13:00 CET. It is
possible to participate in the webcast from the Investor Relations
page on AO.dk or from the link below:
Brødrene A&O Johansen A/S | Interim Report
Q2 2024 (eventcdn.net)
For further information, please contact:
CEO Niels A. Johansen
CFO/Deputy CEO Per Toelstang
Brødrene A & O Johansen A/S
Rørvang 3
DK- 2620 Albertslund
Denmark
Tlf.: +45 70 28 00 00
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