TFF Group (TFF) H2 23/24 earnings summary

Executive summary

• Achieved strong operational and financial performance in 2023/2024, with double-digit growth in revenue and profitability, reaching an all-time high.

• Bourbon division delivered record sales and profitability, now representing the largest segment and key contributor to growth.

• Growth driven by the alcohol division, now 57% of business mix, with bourbon activities as a key contributor.

• Wine division remained stable despite global harvest declines and market uncertainty.

• Continued investments in production capacity and strategic acquisitions supported growth.

Financial highlights

• Revenue reached €486.6M, up 10.6% year-over-year (+12.4% at constant scope and exchange rates), marking an all-time high.

• EBITDA rose 15.6% to €107.5M (22.1% margin); operating income up 16% to €91.8M.

• Net income increased 7.5% to €58.4M, representing 12% of revenue.

• Net profit group share at €56.45M, up 6.9% year-over-year.

• Shareholders' equity increased to €511M; net debt at €266.6M (2.5x EBITDA), with cash at €92M.

Outlook and guidance

• Targeting revenue of €500M (+/- 5%) for 2024/2025, with high profitability maintained.

• Bourbon and Scotch segments expected to see slight revenue growth; wine segment to remain stable with price increases offsetting volume declines.

• Cautious confidence expressed despite economic, geopolitical, and monetary uncertainties.

• Dividend of €0.60 per share proposed, unchanged from prior year.