Gabriel Holding A/S – first half of the 2023/24 financial year
Summary:
First half-year better than expected at Gabriel Holding A/S as a result of growth in the Group’s global fabric business.
Selected financial highlights and comments:
- The Group achieved growth in its global fabric business in the half-year, in particular in the business units Gabriel Fabrics and SampleMaster. As expected, revenue from the furniture upholstery units (FurnMaster) was lower
- The Group’s total revenue was DKK 469.0 million (DKK 492.0 million)
- Earnings before depreciation, amortisation and impairment losses (EBITDA) were DKK 35.0 million (DKK 44.5 million)
- Operating profit (EBIT) was DKK 10.5 million (DKK 21.2 million)
- Profit before tax was DKK 1.2 million (DKK 13.4 million)
- Cash flows from operating activities in the period were positive at DKK 17.7 million (DKK -3.3 million)
- EBITDA margin was 7.5% (9.0%)
- EBIT margin was 2.2% (4.3%)
- Return on invested capital (ROIC) was 3.6% (4.9%)
Expectations for the full year 2023/24
Following the upward adjustment on 15 April 2024, management expects that revenue will be DKK 880 – 930 million and operating profit (EBIT) DKK 8 – 15 million, that finance income and costs will continue to be negative in 2023/24, and anticipates a negative result before tax but a positive cash flow.
A high level of uncertainty still surrounds the expectations for the year, primarily as a result of the continued geopolitical challenges and since the international demand is challenged by risks relating to inflation and interest rate development.
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