Clemondo Group (CLEM) Q3 2024 earnings summary

Executive summary

• Net sales for Q3 2024 increased 1% to 57.7 MSEK compared to Q3 2023, with growth in Hygien (+7%) and Industri (+3%), while Fordon declined by 3%.

• EBITDA was 6.1 MSEK (10.4% margin), EBIT 2.3 MSEK (4.0% margin), and net income 1.7 MSEK, all in line with the previous year.

• Solid financial position with equity ratio at 62.7% and net debt at 24.1 MSEK.

• Strategic focus on expanding customer base and product offering in Fordon, and continued strong performance in Hygien and Industri.

• Board proposes a 1:10 reverse stock split, pending approval at an EGM on November 28.

Financial highlights

• Net sales: 57.7 MSEK (Q3 2023: 57.1 MSEK); YTD: 191.8 MSEK (YTD 2023: 209.4 MSEK).

• EBITDA: 6.1 MSEK (Q3 2023: 6.3 MSEK); EBITDA margin: 10.4% (11.1%).

• EBIT: 2.3 MSEK (Q3 2023: 2.5 MSEK); EBIT margin: 4.0% (4.4%).

• Net income: 1.7 MSEK (Q3 2023: 1.7 MSEK); EPS: 0.01 SEK.

• Cash flow from operations after working capital: -3.4 MSEK (Q3 2023: 12.9 MSEK); working capital change impacted by -13.4 MSEK.

Outlook and guidance

• Management sees signs of stabilization in the Fordon segment and expects continued growth in Hygien and Industri.

• Focus remains on cost control, efficiency, and targeted growth initiatives.

• Financial targets: at least 12% annual growth (half organic), EBITDA margin ≥10% over a cycle, equity ratio ≥30%.