Duell - Inorganic growth supported the result
Duell was able to grow its revenue 4.9% y/y during the seasonally slow Q1 as the inorganic growth supported the company’s development. With the stronger than expected sales, the adj. EBITA was slightly higher than expected at EUR 0.3m (Evli est. EUR 0.0m)
- Q1 net sales came in at EUR 27.0m (EUR 25.8m in Q1/23, EUR 24.5m Evli).
- Net sales in the Nordics amounted to EUR 15.1m (EUR 16.0m in Q1/23, EUR 15.2m Evli), in Rest of Europe net sales stood at EUR 11.9m (EUR 9.7m in Q1/23, EUR 9.3m Evli)
- Net sales development was better than expected in the rest of Europe as inorganic growth was even stronger than we had expected.
- EBITA in Q1 amounted to EUR 0.3m (EUR -0.4m in Q1/23, EUR 0.0m Evli).
- Net debt at the end of Q1 stood at EUR 45.2m, up q/q from EUR 38.2m at the end of FY 2023, yet down y/y from EUR 50.4m at the end of Q1/23.
- Similarly, NWC increased q/q to EUR 55.5m from EUR 49.9m at the end of FY 2023, yet down y/y from EUR 62.1m at the end of Q1/23
- Operating free cash flow amounted to EUR -6.2m (Q1/23: EUR -5.0m).
- Outlook for FY 2024 (unchanged): Net sales guidance not given due to weakened market predictability. Duell will continue its profitability improvement programme and enhance the net working capital position in financial year 2024. Duell estimates adjusted EBITA to improve from previous year’s level.