Garpco (GARPCO) Q2 2024 earnings summary

Executive summary

• Net sales for Q2 2024 increased by 5% year-over-year to 175,090 tkr, with EBITDA up 43% to 14,764 tkr.

• IPO in May 2024 raised 25.4 mkr, with B-shares listed on NGM Nordic SME to fund growth and export initiatives.

• Swedex acquired CA Precision Tools; UW-ELAST acquired Roflex operations and property.

Financial highlights

• Q2 2024 net income after tax was 5,405 tkr, up from 2,425 tkr year-over-year.

• H1 2024 net sales were 337,720 tkr, down 1% year-over-year; EBITDA rose 5% to 26,252 tkr.

• Net debt decreased by 5,184 tkr since year start, ending at 54,835 tkr.

• Cash and equivalents increased to 35,354 tkr at period end.

Outlook and guidance

• Export-driven growth expected, especially from US and UK initiatives in Interiör och design.

• Market conditions remain mixed; some units at full capacity, others affected by weak Swedish construction sector.

• Group well-positioned for new opportunities and acquisitions due to strong financials.