August 15, 2024
Q2 2024 results: Significant progress in Nilfisk’s Consumer Business
Nilfisk, a leading global supplier of professional cleaning equipment and services, has delivered a second-quarter financial report that reveals organic growth, an improved gross margin, and significant progress in the Consumer Business.
Nilfisk has just delivered its financial report for the second quarter of 2024, showing revenue of 278.4 mEUR. Organic growth was 2.4% and the EBITDA margin before special items was 14.1%. Nilfisk delivered a significantly higher gross margin for the second quarter compared to the previous year, reaching 42.2% in Q2 2024 compared to 40.4% in Q2 2023.
Jon Sintorn, CEO of Nilfisk, says this about the results:
"Nilfisk delivered a solid margin improvement for Q2 2024. A strong peak season in the Consumer Business and a solid performance in EMEA. Americas saw muted demand. While in APAC there was falling demand due to market conditions. The Service Business continued to grow, driven by the solid performance in EMEA and increased attachment rates.”
Nilfisk is winning market share
Revenue increased in the Consumer Business, with organic growth of 18.1% in the second quarter of 2024. This is attributed to seasonally-related high demand for high pressure washers, along with Nilfisk’s growing market share in Western Europe for high pressure washers as well as vacuum cleaners.
Great demand for new products
The progress in Nilfisk’s Consumer Business is based partly on product innovation. One of the big movers was the new cordless vacuum cleaner Nilfisk S1, which has increased sales in the category by 85% since its launch.
"Our Consumer Business was booming for the second quarter in a row. We experienced strong demand in the Nordic countries, but we also captured significant market share in France and Germany. The growth in our consumer business is due to high product vitality across our portfolio. It shows that Nilfisk has a strong ability to innovate combined with a robust competitiveness and a market relevance among our customers and consumers," explains Jon Sintorn, CEO of Nilfisk
Outlook for 2024
Nilfisk confirms the full-year outlook for 2024 that was communicated in the company’s annual report for 2023. The range for organic revenue growth is expected to 3% to 6% for 2024, and the range for the EBITDA margin before special items is expected to be 13% to 15%.
The CAPEX level is expected to be around 4% of revenue, with more than half of that amount targeted investment in products.
Read the entire quarterly report here.
Key figures
|
mEUR |
Q2 2024 |
Q2 2023 |
|
Revenue |
278.4 |
276.5 |
|
Organic growth |
2.4% |
4.3% |
|
Gross margin |
42.2% |
40.4% |
|
Overhead costs |
94.2 |
88.7 |
|
Overhead cost ratio |
33.8% |
32.1% |
|
EBITDA before special items |
39.2 |
38.0 |
|
EBITDA margin before special items |
14.1% |
13.7% |
|
CAPEX ratio |
4.1% |
2.1% |
|
Free cash flow |
8.4 |
40.1 |
|
Net interest-bearing debt |
263.3 |
291.5 |
|
Financial gearing |
1.9x |
2.2x |
Press contact
Nynne Jespersen Lee
Head of Communications and Media Relations
T: +45 42310007
M: njespersen@nilfisk.com
About Nilfisk
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% of sales are to professionals while the remaining part of the business aimed at consumers covers floorcare equipment, vacuum cleaners, and high-pressure washers.
Nilfisk’s products and services are sold in more than 100 countries and produced at 9 manufacturing sites across the globe. The main production facilities are in the US, Mexico, Hungary, Italy, and China. A total of approximately 4,700 employees secured revenue of 1,033.6 mEUR in 2023. The largest single market is the USA covering 30% of revenue in 2023, followed by Germany (14%), France (10%), Denmark (6%) and the UK (4%).