> READ: Nilfisk Q1 2022 Report
For the total business, revenue in Q1 2022 came to 264.2 mEUR up from 237.3 mEUR in Q1 last year, corresponding to growth of 11.3%. When correcting for positive foreign exchange effects, organic growth for the quarter was 9.3%.
- It is a strong Q1 result that continues the successful pace from 2021 with higher revenue and solid earnings. In February, we presented our Business Plan 2026 with firm focus on long-term sustainable growth. The results for the first quarter show that we are well on track. Especially, the strategically important US market is a growth driver, says Torsten Türling, President and CEO at Nilfisk.
Rising material costs and continued high freight rates was partly offset by the positive impact from pricing effects and higher revenue. Earnings (EBITDA before special items) came to 37.6 mEUR, up from 36.4 mEUR in Q1 2021.
Q1 2022 results showed solid performance from Nilfisk Professional business with Americas delivering the strongest growth of 25.3%, but also supported by the Private Label business. In Europe revenue growth was seen across all regions with Southern Europe performing best.
Unexpected events and outlook confirmed
End March, a tornado hit Nilfisk’s only US based distribution center in Springdale, Arkansas. Fortunately, nobody was injured but it led to a write-down of damaged inventory and rebuilding of a new distribution hub.
In April, Nilfisk decided to wind down all operations in Russia and Belarus. This process has already begun and will be ongoing for the coming months until the business is liquidated.
- Our US distribution center was partially destroyed in a tornado. Due to a quick response and a lot of work from our team in the US, we were able to resume operations in a nearby building in record time. We expect the impact on our US sales to be limited to around 20 mEUR being delayed from Q2 to the second half of 2022. We continue to expect the full-year 2022 to land in line with our prior guidance, says Torsten Türling.
The full-year 2022 outlook is an organic revenue growth of 4 to 7% and an EBITDA margin before special items of between 13.5 and 15.5%. This was communicated with the Annual Report 2021 in February 2022.
Individual markets overview:
Revenue (mEUR) | Q1 2022 | Q1 2021 | Organic growth |
Americas | 87.8 | 65.8 | 24.3 % |
Europe | 154.3 | 150.7 | 3.6 % |
APAC & MEA | 22.1 | 20.8 | 2.0 % |
About
Nilfisk was founded in 1906 by the Danish engineer P.A. Fisker. Today the company is a world leading global provider of professional cleaning equipment and services. More than 90 percent of sales are for professionals while the remaining part of the business aimed at consumers cover floorcare equipment, vacuum cleaners, and high-pressure washers.
Nilfisk’s products and services are sold in more than 100 countries and produced at 10 manufacturing sites across the globe. Main facilities are in US, Mexico, Hungary, Italy, and China. A total of 4,900 employees secured a revenue of 994.9 mEUR in 2021. The largest single marked is USA covering 25% of revenue in 2021 followed by Germany (12%), France (11%), UK (5%) and Denmark (5%).
For more information please contact:
Head of Media Relations, Allan Jørgensen, T: +45 2849 4465, M: ajoergensen@nilfisk.com
