Wulff-Yhtiöt (WUF1V) Q2 2024 earnings summary

Executive summary

• Net sales for Q2 2024 increased by 4.6% year-over-year to EUR 25.5 million, with improved profitability; H1 2024 net sales decreased by 1.7% to EUR 48.8 million.

• EBITDA for Q2 2024 was EUR 1.7 million (6.8% margin), and operating profit (EBIT) was EUR 1.2 million (4.6% margin).

• Earnings per share (EPS) for Q2 2024 rose to EUR 0.15 from EUR 0.09 year-over-year.

• Service business, especially staff leasing and financial management, drove growth; two acquisitions in accounting services completed in H1.

• Organizational reforms and efficiency measures improved profitability, particularly in the Products for Work Environments segment.

Financial highlights

• Q2 2024 net sales: EUR 25.5 million (+4.6% y/y); H1 2024: EUR 48.8 million (-1.7% y/y).

• Q2 2024 EBITDA: EUR 1.7 million (6.8% margin); H1 2024: EUR 2.6 million (5.4% margin).

• Q2 2024 EBIT: EUR 1.2 million (4.6% margin); H1 2024 EBIT: EUR 1.6 million (3.2% margin).

• Q2 2024 EPS: EUR 0.15; H1 2024 EPS: EUR 0.18.

• H1 2024 cash flow from operating activities: EUR -1.2 million; cash and cash equivalents at period end: EUR 1.1 million.

Outlook and guidance

• 2024 guidance unchanged: net sales expected to increase, and comparable operating profit to remain at a good level.

• Service businesses, especially staff leasing and financial management, expected to grow.

• Key uncertainties: inflation, interest rates, and geopolitical tensions.