Good resilience in challenging markets
The first quarter of 2024 is characterized by continued challenging markets, mainly in new build in Sweden and Finland, which has affected both sales and order intake. Consumers remain cautious, but there are signs of recovery, especially in the business area e-Commerce, which is Inwido's most consumer-oriented business, and in Denmark, where interest rates and inflation have decreased and house prices are rising.
"The lower volumes have been partially compensated by reduced production costs and implementation of savings in relation to fixed costs in the business units. While it is necessary to reduce costs when volumes go down, it is important to retain the skills and strength in our operations to be able to be prepared, now when the window season is just around the corner", says Fredrik Meuller, Inwido's newly appointed President and CEO.
Net sales decreased by 14 percent (-21 percent organically) compared to the corresponding quarter last year, to SEK 1,811 million (2,095), operational EBITA decreased to SEK 91 million (168) and the operational EBITA margin was 5.0 percent (8.0), in the seasonally weak first quarter.
"Even though we are currently experiencing a sharp drop in volumes in the new build market in the Nordics, the outlook in the slightly longer term is positive, with growth being driven by the green transition. In my opinion we are well positioned for favorable long-term trends such as energy efficiency and sustainability," says Fredrik Meuller, and continues: "It is with confidence, humility and a high level of commitment that I am now taking up the position as President and CEO of Inwido. We have an exciting journey ahead of us, as we build to reach our long-term target of sales totaling SEK 20 billion by 2030, with profitability in line with the target of more than 15 percent return on operating capital."
For more information, please contact:
Fredrik Meuller, President and CEO
Tel. +46 (0) 734 22 70 11
Annika Falk, VP Communication & PR
Tel. +46 (0) 706 02 13 71
About Inwido:
Inwido improves people's lives indoors with windows and doors. As Europe's leading window group, Inwido's business concept is to develop and sell the market's best customized window and door solutions through a decentralized structure and with a focus on the consumer-driven market in order to create long-term sustainable growth, organically and through acquisitions. Inwido consists of 34 business units with approximately 4,200 employees in twelve countries. In 2023 group sales amounted to SEK 9 billion with an operating EBITA margin of 11.4 percent. Inwido has been listed on Nasdaq Stockholm since 2014. Follow Inwido on LinkedIn.
Tags:
