PST Group (PTR1L) H1 2024 earnings summary

Executive summary

• Panevezio statybos trestas AB reported a consolidated revenue of €53.36 million for H1 2024, down 10% year-over-year, with a net loss of €2.25 million versus a net profit of €4.23 million in H1 2023.

• The parent company’s revenue was €39.12 million, a 2.7% decrease year-over-year, and it posted a net loss of €1.38 million, compared to a €0.92 million loss in H1 2023.

• EBITDA for the Group was negative at -€1.05 million, compared to €1.97 million in H1 2023; for the company, EBITDA was -€1.54 million, down from -€0.85 million.

• The Group’s main revenue source remains construction and erection activities, accounting for 78.8% of total revenue.

• The company’s share price rose 9.01% in H1 2024, closing at €0.508.

Financial highlights

• Group gross profit fell to €2.59 million from €6.94 million year-over-year; gross margin dropped to 4.85% from 11.63%.

• Operating loss for the Group was €1.59 million, compared to a €1.40 million profit in H1 2023.

• Net loss margin for the Group was -4.22% (H1 2023: 7.08% net profit margin).

• Cash and cash equivalents at period end were €428 thousand for the Group, down from €10.05 million at the start of the year.

• Equity for the Group stood at €28.05 million as of 30 June 2024, down from €30.29 million at year-end 2023.

Outlook and guidance

• The company highlights ongoing risks from competition, fluctuating material prices, supply chain disruptions, and macroeconomic uncertainty, with no specific quantitative guidance provided.

• Restructuring of subsidiary Alinita UAB is expected to last up to four years.