Fluidra, the Spanish pool equipment company, announced Wednesday that its revenue and profit contracted in the first quarter due to lower demand for new residential pools, but that its targets for the full year remain unchanged.

Net profit, 41 million euros ($45.1 million), was down 46% from the same period last year, with revenue falling 17%.

Higher prices partly offset lower demand for pools, Fluidra said, adding that cost-cutting plans are proceeding as planned.

The world's largest pool equipment maker reiterated that earnings before interest, taxes, depreciation and amortization (EBITDA) will likely be between 410 million and 480 million euros this year, down from 512 million euros last year, on revenues of between 2 billion and 2.2 billion euros.

Fluidra was one of the winners during the pandemic confinements in 2020, benefiting from wealthy customers' appetite to buy or upgrade pools, but its business is slowing in what the company said was "an industry normalization."

(US$1 = €0.9084)

(Reporting by Inti Landauro; edited in Spanish by Benjamín Mejías Valencia)