Strong order book momentum, improved cash flow and proposed higher dividend.
** Net sales increased by 2 percent to
** The order backlog was
** EBITA decreased by 11 percent to
** The EBITA margin was 7.4 percent (8.4)
** Profit after tax was
** Cash flow from operating activities was
** Net debt amounted to
** Five acquisitions were completed during the quarter, adding annual sales of approximately
** Basic earnings per share were
CEO statement
We are pleased to propose a higher dividend encouraged by the 25 percent uplift in order intake, a stable service business and improved cash generation in what has otherwise been a challenging market environment.
Net sales growth of two percent was in line with our expectations while our EBITA margin was challenged primarily by projects in three regions in
The market environment remains uncertain and
Net sales and EBITA
Net sales increased by two percent and organic growth was negative by two percent, in line with earlier assessments. Importantly, we have reported organic growth in both
Margins improved in
The margin issues that have arisen are related to certain branches in three Danish regions. I want to emphasise that there are many well-functioning branches and regions that are continuing to deliver good profits in
In addition to these measures, we are also conducting a broader cost efficiency review to drive further EBITA margin improvement in the Group. This includes consolidation of central functions to reduce group overhead costs.
Improved cash flow and proposed higher dividend
Cash flow from operating activities improved compared to both the last quarter and the fourth quarter of 2022, and cash conversion improved to its highest level during 2023. We expect this positive trend to continue. Net debt remains low at 0.9x EBITDA and provides capacity for continued profitable M&A growth. Based on the overall financial strength,
Acquisitions
17 acquisitions were completed in 2023, adding
Sustainability
Our employees' working environment is always a top priority, so it is very gratifying that LTIFR decreased by 3 percent in 2023. We also reduced carbon emissions in relation to sales by 9 percent. Overall, we expect continued focus on sustainability and energy efficiency in buildings to continue to drive the market and benefit
Outlook
I believe that the overall market demand for service activities will remain stable while demand for installation will continue to be affected by some of the market headwinds we saw during 2023, although this is subject to local variation. We expect a good market for projects in infrastructure, industry, defence facilities and civil engineering which will create opportunities for us. Our strategy will remain focused on strict project selection and cost controls in all our business operations to deliver an attractive and improving margin.
The report will be presented at
Link to webcast
https://ir.financialhearings.com/bravida-q4-report-2023
Telephone conference
Register via the link to participate in the telephone conference. After registration, you will receive a phone number and a conference ID to log in to the conference. https://conference.financialhearings.com/teleconference/?id=5004466
The report and presentation will be available at:
https://investors.bravida.com/en/reports-and-presentations
For further information, please contact:
Peter Norström, Head of Investor Relations
peter.norstrom@bravida.se
+46 8 695 20 07
This disclosure contains information that
Good properties make a difference - that's why
https://news.cision.com/bravida-holding-ab/r/interim-report-october-december-2023,c3928733
https://mb.cision.com/Main/8835/3928733/2606523.pdf
https://news.cision.com/bravida-holding-ab/i/bravida-kvartalsrapport,c3267555
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