Purmo Group, a heating and cooling systems manufacturer, recently published its financial statements for the October-December period. Despite seeing a 31% 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 its 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 an update of the program’s goal.
Managing director John Peter Lees highlighted the strong achievement of the last quarter of the year despite weak demand due to destocking of customers and repair shops in the market and key product groups. He praised the company’s margin management measures that led to a strong improvement in adjusted EBITDA margin and strengthened balance sheet positioning.
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