Hunyvers (ALHUN) H1 2024 earnings summary

Executive summary

• Revenue grew 13.4% year-over-year to €51.3M, driven by acquisitions and strong new vehicle sales, with organic sales nearly flat at -1.2%.

• Nautisme segment revenue surged 417.5% to €4.1M due to acquisitions; VDL segment up 6.2% to €47.1M.

• Operating result fell to -€0.9M from +€1.0M, reflecting increased seasonality and restructuring costs.

• Net result was -€1.3M versus +€0.7M a year earlier, impacted by higher financial expenses and lower gross margin.

Financial highlights

• Gross margin reached €10.0M (+6.7%), but margin rate declined to 19.5% from 20.8%.

• Financial expenses rose to €0.4M from €0.1M, linked to higher new vehicle inventory.

• Net debt increased to €13.6M from €5.8M six months prior, due to working capital needs and stock buildup.

• Equity stood at €25.4M at period end, down from €26.8M.

• Cash flow from operations was negative, with a €7.8M decrease in cash over the period.

Outlook and guidance

• Second half expected to show strong revenue growth and improved operating margin, benefiting from favorable seasonality and recent acquisitions.

• Targeting FY 2024-2025 revenue above €170M and operating margin of 6.5%.

• Full normalization of new vehicle inventory expected by next fiscal year, supporting a shift toward higher-margin used vehicle sales.