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WindowMaster International A/S: The profit outlook for 2020 beats forecast and high growth expectations for 2021 confirmed

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Despite the exceptional uncertainty caused by the coronavirus pandemic 
and Brexit – WindowMaster International A/S’s profit outlook for 2020 
looks stronger than communicated in the IPO company description 
published on the 6th of October 2020.   

This positive profit outlook is driven by a higher topline growth than anticipated 
for Q4. The higher topline is spread over most markets but with substantial pick 
up in the United Kingdom and also increased growth in North America.  
Instead of a topline in the range of 185-189m DKK for the full year of 2020 the 
outlook is now between 188-192m DKK. As the cost base remains the same as 
forecasted profit is also expected to improve. A normalized EBITDA – excluding 
non-recurring costs for an ongoing patent case – is expected in the range 13.5-
14.5m DKK – instead of the previously announced 13.5m DKK. Costs for the 
patent case are however higher than expected in the previously announced – and 
will affect the un-normalized result. 

High growth in profitability in 2021 
The outlook for 2021 continues to look positive – as described in the company 
description.  
Topline is expected in the range of 205-215m DKK – excluding acquisitions. 
Growth is generated by a return to normal sales levels in Europe and organic 
growth in North America. Profitability (EBITDA) is expected in a range of 22-28m 
DKK. Included in this profit expectation is also investments in organic growth in 
North America, plus impact from significant strengthening of our digital setup both 
for marketing, product solutions and processes. Despite these investments we 
still expect a strong cash generation during 2021 enabling continued pursuit of 
our acquisition strategy with an even stronger financial capacity.  

Market Conditions: 

  • We generally see some lack of building materials and work resources – and 
    consequently see finalization of projects being postponed. These effects 
    have also impacted WindowMasters supply chain and are incorporated in the 
    above-mentioned. We do foresee a normalization of the conditions in Q2. 
  • Our increasing backlog and growing pipeline (increasing in numbers and 
    value) support the topline growth expectations.  
  • Our strong corporation with partners also supports a solid scalable platform 
    for profitable growth going forward. 

For further information:

CEO, Erik Boyter

M: +45 4035 0267
Mail: ekb.dk@windowmaster.com
WindowMaster International A/S
Skelstedet 13
2950 Vedbæk
Denmark
 

Certified Advisor

Grant Thornton
Jesper Skaarup Vestergaard
Direct(+45) 35 27 50 11,  Mobile (+45) 31 79 90 00
Grant Thornton 
Stockholmsgade 45
2100 Copenhagen Ø
Denmark

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