Alumexx (ALX) H2 2024 earnings summary

Executive summary

• 2024 marked the first full year of reporting post-acquisition of ASC Group and Euroscaffold, with integration largely completed and expected to yield future growth and ROI.

• Despite macroeconomic headwinds, wet weather, and regulatory challenges in the Netherlands, operations remained stable and results improved.

• Revenue rose to EUR 39.1 million, net profit increased to EUR 0.6 million, and EBITDA reached EUR 5.8 million, reflecting synergy benefits from acquisitions.

• The company remains listed on Euronext Amsterdam's penalty bench, with delisting averted after securing a PIE auditor and publishing audited financials.

• A new CFO was appointed, and a stock option plan (ASOP) was introduced to incentivize management and staff.

Financial highlights

• Revenue increased by EUR 4.5 million to EUR 39.1 million year-over-year; added value rose to EUR 20.7 million (53% of revenue).

• EBITDA grew to EUR 5.8 million from EUR 4.6 million in 2023; net profit was EUR 0.6 million, up from EUR 0.2 million (2023 impacted by one-time inventory adjustment).

• Solvency improved to 13% (excluding preference shares) and 35% (including them); working capital was negative EUR 1.1 million, but cash increased by EUR 0.2 million.

• No dividend was paid; net result added to reserves.

• Correction of prior year errors (PPA, loan classification, revenue recognition) restated comparatives.

Outlook and guidance

• Business is expected to remain flat in H1 2025 due to continued delays in building permits; growth anticipated in H2 2025 as construction recovers.

• Focus will be on loan repayment and organic growth, with limited room for new investments under current financing terms.

• Acquisition of DeSteigerConcurrent B.V. in early 2025 expands online sales reach.