B&C Speakers (BEC) Q4 2024 earnings summary

Executive summary

• Consolidated revenues rose 6.8% year-over-year to €100.4 million, driven by full-year contributions from newly acquired subsidiaries in the US and China, despite a slight decrease in legacy business sales due to weaker Chinese demand.

• Group net profit increased 27.2% to €17.8 million, supported by a one-time €4.2 million tax benefit from the Patent Box regime renewal.

• EBITDA remained stable at €21.8 million, with a margin of 21.7% (down from 23.2% in 2023) due to lower margins at new subsidiaries.

• The Board proposes a €1 per share dividend, up from €0.70 the prior year.

Financial highlights

• EBIT decreased 2.5% to €19.0 million, with the margin at 19% of revenue.

• Operating cash flow was €13.0 million, down from €18.3 million in 2023, mainly due to higher working capital needs.

• Net financial position was negative €0.9 million, reflecting strong cash generation offset by €7.7 million in dividend payments.

• Equity increased to €55.2 million from €46.2 million year-over-year.

• Parent company revenues declined 4% to €68.6 million, but net profit rose 38.1% to €16.4 million, also benefiting from the Patent Box effect.

Outlook and guidance

• Early 2025 sales volumes are up versus 2024, with new product launches in the US aftermarket car audio and portable audio segments.

• Management is monitoring macroeconomic risks, including geopolitical tensions and potential US tariffs, but sees no immediate threats.

• The order backlog at year-end 2024 was €19.5 million for the group.