Purmo Group, a manufacturer of heating and cooling systems, has published its financial statements. In the October-December period, the company’s turnover fell to 175.0 million euros from 206.6 million euros in the same period the previous year. However, adjusted EBITDA rose to 21.1 million euros from 16.3 million euros.
The company’s adjusted earnings per share in October-December improved to 0.15 euros from 0.04 euros, while the reported loss deepened to 0.59 euros from 0.17 euros. Purmo is running a development program that involves one-time costs, with the goal of achieving targeted adjusted EBITDA improvements of 50 million euros by the end of 2024.
The company expects the adjusted EBITDA for 2024 to be at the same or higher level compared to 2023. Despite geopolitical risks and high general uncertainty that may impact its core market, the company’s financial guidelines are supported by strong margin management measures.
Managing director John Peter Lees praised the company’s performance in the last quarter of the year, noting that it was a strong achievement in a year of weak demand. The company’s margin management measures resulted in a strong improvement in adjusted EBITDA margin and a strengthened balance sheet, providing room for potential acquisition opportunities.