Full Year 2024 HusCompagniet A/S Earnings Call Transcript
Key Points
- HusCompagniet AS (OCSE:HUSCO) reported a significant increase in revenue for Q4 2024, reaching DKK647 million, marking the highest quarterly revenue since Q1 2023.
- The company achieved a 66% increase in sales for 2024, translating into 1,414 units sold, with notable growth in both the detached and semi-detached segments.
- HusCompagniet AS (OCSE:HUSCO) maintained a solid gross profit of DKK508 million for the year, with a margin of 22.1%, despite a decline in revenue.
- The order backlog increased by 57% from the end of 2023, reaching DKK2.4 billion, indicating strong future demand.
- The company launched several new strategic initiatives, including the FORMIUM high-end concept and the MORROW wood-based B2B concept, to expand its market reach and offer innovative solutions.
- Revenue for the full year 2024 was DKK2.3 billion, approximately 4% lower than in 2023, due to low activity in Sweden and delays in obtaining building permits for some B2B projects.
- The free cash flow was negative by DKK21 million in Q4 2024, impacted by changes in working capital and increased work in progress.
- The average sales price in the semi-detached segment was lower than expected, affecting the gross margin, which was 20.6% in Q4.
- The Swedish market remained challenging, with a more than 60% decline in deliveries, impacting overall performance.
- Higher financial costs and a tax increase impacted the 2024 income statement, with potential additional expenses if tax authorities maintain their position on historical tax matters.
At this time, I would like to welcome everyone to this HusCompagniet full year 2024 conference call. Today's call is being recorded. If you have any objections, please disconnect at this time.
(Operator Instructions) I'll now turn the call over to your speakers. You may now begin.
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Thank you for taking the time to join our call today. I'm Martin Ravn-Nielsen, and I'm CEO of HusCompagniet; our CFO, Allan Hansen, is with me on the call today. We look forward to presenting the '24 highlights and taking your questions. Let's go to slide 2 and a brief overview of a busy year.
After a great deal of turbulence in recent years, we saw a continuous appreciation in '24. Today, we are pleased to deliver on the outlook we provided a year ago and narrowing during the year. Revenue came to DKK2.3 billion and was impacted by lower unit sales in '23 but sales have been picking up since and increased
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