Purmo Group, a leading manufacturer of heating and cooling systems, has published 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 rose to 21.1 million euros from 16.3 million euros in the same period of the previous year.
The adjusted earnings per share 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. However, Purmo expects the adjusted EBITDA for 2024 to be at the same or higher level compared to 2023, with a proposed return of capital equivalent to a dividend of 0.36 euros by its board.
Managing director John Peter Lees praised the strong performance of Purmo’s margin management measures that led to a significant improvement in adjusted EBITDA margin and a strengthened balance sheet despite weak demand due to destocking of customers and repair shops in the market and key product groups.
Looking ahead, Purmo remains optimistic about its future growth prospects and will continue its margin management measures despite increased geopolitical risks and high general uncertainty that may impact its core market. The company also sees opportunities for acquisitions due to its strengthened balance sheet position.
Overall, Purmo Group has ended a challenging year on a positive note with improved financial performance and a stronger position for future growth opportunities.
Purmo Group is a manufacturer of heating and cooling systems that operates globally through subsidiaries and affiliates in Europe, Asia-Pacific, North America, and Africa.
In recent years, Purmo has been investing heavily in research and development initiatives aimed at expanding its product range beyond traditional heating and cooling systems into areas such as renewable energy solutions like solar panels.
Despite facing challenges such as rising raw material costs, supply chain disruptions caused by pandemics or trade wars, Purmo has been able to maintain profitability through effective cost management strategies that focus on optimizing production processes while maintaining quality standards.
As an industry leader with over two decades of experience in manufacturing heating and cooling systems, Purmo is well-positioned to navigate any uncertainties that may arise in the coming years while continuing to drive innovation within their product portfolio.