B&C Speakers (BEC) Q2 2024 earnings summary

Executive summary

• Consolidated revenues reached €51.25 million, up 5.6% compared to the first half of 2023.

• EBITDA was €11.48 million, down 4.8% year-over-year.

• Overall Group profit rose 45.4% to €11.83 million, driven by a Patent Box subsidy.

• Order book grew 64% year-over-year, indicating strong customer loyalty.

Financial highlights

• Revenue increased to €51.25 million from €48.54 million in the first half of 2023.

• EBITDA margin declined to 22.4% from 24.8% due to lower margins at new subsidiaries.

• EBIT was €10.19 million, down 7.5% year-over-year.

• Net financial position improved to €1.8 million from €0.65 million at end-2023.

• Cash flow from operations was €7.98 million, supporting dividend payments and loan repayments.

Outlook and guidance

• New orders continue to grow in 2024, though summer saw a slowdown.

• Management expects 2024 production and sales to surpass 2023 levels.