Bifogade filer
Q4 Rapport 2024
Prenumeration
Beskrivning
| Land | Sverige |
|---|---|
| Lista | Small Cap Stockholm |
| Sektor | Handel & varor |
| Industri | Sällanköpsvaror |
”In the fourth quarter, we achieved an EBITA of 15.2 percent and a sales growth of 17 percent, a result of a successful acquisition as well as focused efforts in product development, innovation, and customer engagement.”
Fourth quarter
- Net sales amounted to SEK 537.3 M (460.2), an increase of 16.8 percent. Organic growth was 0.2 percent
- EBITA amounted to SEK 81.5 M (59.4), corresponding to a margin of 15.2 percent (12.9)
- EBIT amounted to SEK 77.5 M (41.4), corresponding to a margin of 14.4 percent (9.0)
- Profit before tax amounted to SEK 70.8 M (23.1)
- Earnings per share amounted to SEK 0.94 (0.26)
- Free cash flow amounted to SEK 107.4 M (51.3)
Full year
- Net sales amounted to SEK 2,183.7 M (1,823.7), an increase of 19.7 percent. Organic growth was -1.8 percent
- EBITA amounted to SEK 312.2 M (240.0), corresponding to a margin of 14.3 percent (13.2)
- EBIT amounted to SEK 296.2 M (210.4), corresponding to a margin of 13.6 percent (11.5)
- Strong performance in the UK has contributed to a revised assessment of contingent consideration, resulting in a one-time cost of SEK -13.8 M (-)
- Profit before tax amounted to SEK 228.9 M (159.7)
- Earnings per share amounted to SEK 3.25 (3.19)
- Free cash flow amounted to SEK 158.4 M (169.9)
- The Board of Directors proposes a dividend of 1.50 SEK (1.00)
| Financial data | Oct-Dec 2024 | Oct-Dec 2023 | Jan-Dec 2024 | Jan-Dec 2023 |
| Net Sales, SEK m | 537.3 | 460.2 | 2,183.7 | 1,823.7 |
| EBITDA, SEK m | 98.4 | 74.5 | 374.8 | 292.1 |
| EBITDA Margin, % | 18.3 | 16.2 | 17.2 | 16.0 |
| EBITA, SEK m | 81.5 | 59.4 | 312.2 | 240.0 |
| EBITA Margin, % | 15.2 | 12.9 | 14.3 | 13.2 |
| EBIT, SEK m | 77.5 | 41.4 | 296.2 | 210.4 |
| EBIT Margin, % | 14.4 | 9.0 | 13.6 | 11.5 |
| Net Profit, SEK m | 49.6 | 9.7 | 168.1 | 118.9 |
| Earnings per Share, SEK | 0.94 | 0.26 | 3.25 | 3.19 |
| Free Cash Flow, SEK m | 107.4 | 51.3 | 158.4 | 169.9 |
CEO comments
Strong Growth and Improved Results
We conclude the year with a strong fourth quarter, achieving increased revenue, improved results, and very strong cash flow.
Revenue for the quarter amounted to SEK 537 million (460), corresponding to an increase of 17 percent compared to the previous year. In addition to the acquisition of Thebalux, growth was driven by increased sales volumes for Roper Rhodes in the UK, despite market conditions. Organic growth was slightly positive during the quarter, landing at 0.2 percent. EBITA amounted to SEK 82 million (59), corresponding to an EBITA margin of 15.2 percent (12.9), which is in line with our financial targets.
For the full year, we reached a revenue exceeding SEK 2 billion for the first time, a result of a successful acquisition as well as a focused effort in product development, innovation, and customer engagement. Overall, we increased revenue by 20 percent compared to the previous year. EBITA for the year reached a strong SEK 312 million (240), representing a significant increase from the previous year. This corresponds to an EBITA margin of 14.3 percent (13.2), underscoring strong profitability and operational efficiency.
Strong Performance from Roper Rhodes and Macro Design
Looking at individual brand companies, the picture remains varied. Both for the quarter and the full year, Roper Rhodes continues to deliver very strong results, despite a generally weak UK market. Our assessment is that we are continuing to gain market share and further strengthen an already strong position. Alongside a high sales pace, investments in product development continue, creating good conditions for future growth.
Macro Design’s sales remain at the same level as the previous year on both a quarterly and yearly basis, but profitability has improved significantly. This is a direct consequence of dedicated efforts in cost adjustments, price adaptations, and transitioning to in-house furniture assembly.
Cassøe, in the Danish market, also delivers robust results with an EBITA margin of nearly 20 percent for both the quarter and the full year.
Thebalux continues to deliver stable results, with a strong quarter and full year. This has been a successful acquisition that has developed in line with our expectations while integrating positively into the group.
The brand company Svedbergs is experiencing lower demand, particularly within the project market in Sweden and Finland. Alongside active sales efforts, a major focus throughout the year has been on adapting the business and organization to the current market conditions. We have successfully implemented an efficiency improvement project that has increased the productivity of our in-house production. After several quarters of declining revenue and profitability, we noted a slight improvement towards the end of the fourth quarter.
Continued Execution of Strategy
The strong performance during the year is the result of focused work within all brand companies. It has been very inspiring to see the drive and forward-thinking mindset that runs throughout the entire organization—within and all the way to individual customer interactions. Through targeted initiatives, we have achieved significant improvements in both our product offering and efficiency in recent years. This will be an asset when the market eventually turns.
We continue to drive development forward in line with our strategy. Our motivation is to constantly strive for progress and improvement every day, strengthening us further both as a group and as individual brand companies. For Roper Rhodes, this means maintaining a high pace of development and continuing growth in Ireland, thereby further solidifying its strong position. Thebalux, with the brands Primabad and Thebalux, has now been part of Svedbergs Group for a year, and we have gained a solid understanding of the business. Here, the focus is on developing and optimizing the supply chain to improve customer satisfaction, with a particular focus in 2025 on further developing production facilities in Biddinghuizen and Veghel.
For the brand company Svedbergs, the past few years have been challenging. During this time, we have fine-tuned both the product offering and internal processes. When the market turns, we will be well-positioned. We hope to see a gradual strengthening of the market during 2025.
A stronger market would naturally benefit all our companies, as we have streamlined and improved both our product offering and organization over the past year.
Sustainability and Acquisitions
During the quarter, we continued our focused sustainability efforts, including reducing greenhouse gas emissions and increasing transparency regarding individual products’ carbon footprints. The technical review of our target submission has been approved by the Science Based Targets initiative (SBTi), which marks a first step toward validating our sustainability goals. Work is ongoing to report sustainability data for 2024 in preparation for ESRS reporting for the 2025 financial year.
In addition to this, we continuously engage with successful companies in our industry for potential acquisitions. Our decentralized business model, “coorperation without integration,” remains a strength in these discussions.
Outlook
We have a fundamentally strong business characterized by good profitability and strong cash flow, and the underlying positive interest in our products remains unchanged. We look forward to 2025 with confidence, anticipating a gradually improving market despite geopolitical uncertainties.