PRFoods (PRF1T) Q4 23/24 earnings summary

Executive summary

• Revenue for the year decreased by 13% to €17.09 million, but Q4 revenue rose 12% year-over-year, driven by the Saaremaa unit's market recovery.

• The year ended with a net loss of €2.78 million, reversing a prior year net profit of €0.33 million.

• The group underwent significant restructuring, including the sale of its fish farming subsidiary Redstorm OÜ.

• The UK unit maintained market position and profitability despite industry volatility.

• A new management board and restructuring plan are in place for the coming year.

Financial highlights

• Q4 revenue: €4.46 million (+12% YoY); Q4 net loss: €0.71 million (vs. €0.50 million loss YoY).

• Full-year revenue: €17.09 million (-13% YoY); net loss: €2.78 million (vs. €0.33 million profit YoY).

• Gross margin for the year: 18.72% (vs. 18.26% prior year).

• EBITDA from operations: -€0.34 million (vs. €0.30 million prior year).

• Operating loss: €1.41 million (vs. €0.97 million prior year).

Outlook and guidance

• The new financial year is expected to be challenging, with cash flow management a key focus.

• Continued shareholder support is necessary due to a still-high debt burden.

• Strategic focus on production units in Estonia and the UK, with innovation in fish farming as a side activity.