Guillemot (GUI) Q4 2023 TU earnings summary

Executive summary

• Full-year 2023 turnover declined 36% year-over-year to €120.6 million, with Thrustmaster sales down 39% and Hercules up 15%.

• Fourth quarter 2023 turnover fell 21% to €37.1 million amid a European market downturn.

• Inventory levels normalized after increased promotional activity to address high customer stock.

• New product launches in farming/trucking simulation and streaming diversified the business.

Financial highlights

• Thrustmaster full-year sales: €106.2 million, down 39% year-over-year.

• Hercules full-year sales: €14.4 million, up 15% year-over-year.

• OEM sales remained negligible.

• Fourth quarter Thrustmaster sales: €33.3 million, down 23% year-over-year.

• Fourth quarter Hercules sales: €3.8 million, up 3% year-over-year.

Outlook and guidance

• Customers forecast sustained activity in 2024, expressing satisfaction with 2023 sales.

• Group expects to return to growth and achieve net operating profit in 2024.

• Major new Thrustmaster product launches planned for the second half of 2024.