Fluidra, the global leader in equipment and connected solutions in the pool and wellness sector, achieved sales of EUR2,051 million in 2023, down 14% compared to the prior year period.

This was within the range of expectations, with lower volumes and unfavorable FX more than offsetting higher prices.

Residential Pool aftermarket demand was resilient during the year, while demand for new pool construction was softer. Fluidra believes the correction of inventory in the channel is now largely completed. Commercial Pool sales continued to grow, supported by the recovery in tourism activity.

EBITDA amounted to EUR445 million, reflecting the effect of lower sales, but supported by 190 bps higher gross margin and the benefits of the Simplification Program. Cash net profit was down to EUR211 million on the back of operating performance, while net profit stood at EUR114 million.

The company reduced net debt by around EUR150 million during the year, which is a testament to the strong cash generation profile, mainly due to strong working capital management. As of 31 December, leverage was stable year-on-year despite lower volumes.

In its first year, Fluidra's Simplification Program has delivered over EUR30 million of savings. For 2024, the program is expected to generate an additional EUR30 million of savings, driven mainly by global strategic procurement efforts and product design to value initiatives. Between 2023 and 2025 the program will deliver in total EUR100 million EBITDA improvement by focusing on gross margin enhancement and fixed cost reduction.

2024 Guidance

Fluidra expects 2024 sales between EUR2,000 and 2,150 million, EBITDA between EUR440 and 490 million and Cash EPS between EUR1.07 and 1.25 per share.

Eloi Planes, Fluidra's Executive Chairman, said: 'We delivered a good performance in 2023, in line with our expectations, against a difficult trading environment. As we move into 2024, despite the uncertainty around the macro-economy, we are encouraged to leave the correction of the inventory in the channel behind us and by the resilience of the aftermarket, which represents the majority of our business.

Looking into the future, I am confident in the attractiveness of our sector and our ability to create value for our stakeholders as the global leader in the pool and wellness sector.'

Alternative performance measures (APMs)

Fluidra's financial statements are prepared according to IFRS and other applicable regulation. The financial information in this document also includes Alternative Performance Measures ('APMs').

Contact:

Email: info@fluidra.com

Tel: +34 937 243 900

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