Fope (FPE) H1 2024 earnings summary

Executive summary

• Net revenues for H1 2024 were €29.64 million, down 14.54% year-over-year, with 82.27%–83% of sales from foreign markets.

• Net profit was €1.59 million, a 72% decrease from €5.57 million in H1 2023.

• The American market, especially the US, drove growth, with Southeast Asia, Europe, and Italy also positive but slower.

• Order collection from retailers grew and was in line with budget expectations; US market orders increased over 30% year-over-year.

• Production delays in early 2024 impacted sales volumes, but actions are underway to improve delivery capacity and fulfill order backlog.

Financial highlights

• EBITDA was €3.70 million (12.5% margin), down from €9.08 million (26.2%) in H1 2023.

• EBIT was €2.44 million, down from €8.09 million year-over-year.

• Net financial position was negative €4.31 million, compared to a near-neutral position at year-end 2023.

• Shareholders' equity was €37.6 million, down from €40.1 million at FY 2023.

• Dividends of €4.59 million were distributed during the period.

Outlook and guidance

• Management expects positive results for the full year 2024, with early H2/post-period data confirming this outlook.

• Ongoing investments in marketing, digital activities, and expansion of Shop-in-Shops are planned.