Utenos Trikotazas (UTR1L) Q2 2024 earnings summary

Executive summary

• Report covers the unaudited interim consolidated results for the 6 months ended 30 June 2024.

• Utenos Trikotažas AB is engaged in knitwear and textile production, listed on NASDAQ Baltic.

• Group includes subsidiaries in Lithuania and Ukraine, with main segments: knitted articles and functional-technical garments.

Financial highlights

• Group revenue for H1 2024 was €7,380k, down from €11,575k year-over-year.

• Net loss for H1 2024 was €2,303k, compared to a net loss of €905k in H1 2023.

• Gross profit turned negative at -€173k, versus €1,305k in H1 2023.

• Cash and cash equivalents decreased to €668k from €1,108k at year-end 2023.

• Operating cash flow was negative, with a net decrease in cash of €440k for the period.

Outlook and guidance

• On July 29, 2024, shareholders approved applying for court restructuring and a 4-year restructuring plan.