Glunz & Jensen Holding (GJ) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 was DKK 64.9 million, down 12.3% year-over-year, mainly due to a weak Q1; Q2 revenue slightly exceeded Q2 2023.

• Gross profit was DKK 15.0 million, with a margin of 23.1%, showing improvement over full year 2023 but below H1 2023.

• EBITDA was DKK 4.1 million, down from DKK 8.2 million in H1 2023; profit before tax was DKK 1.0 million, with EPS at DKK 0.4.

• Net profit for H1 2024 was DKK 0.8 million, compared to DKK 4.1 million in H1 2023.

Financial highlights

• Operating margin for H1 2024 was 5.1%, EBITDA margin 6.4%, and equity ratio 46.6%.

• Net cash flow from operating activities was DKK 0.9 million, with a negative free cash flow of DKK 0.4 million.

• Net interest-bearing debt was DKK 76.0 million at June 30, 2024, down from DKK 85.4 million a year earlier.

• Inventories decreased to DKK 40.3 million, reflecting improved inventory management.

• Average number of employees was 108, down from 113 in H1 2023.

Outlook and guidance

• 2024 revenue guidance revised to approximately DKK 135 million (previously DKK 148 million).

• EBITDA expected at DKK 12 million (previously DKK 18 million); profit before tax at DKK 5 million (previously DKK 10 million).

• Guidance excludes potential fair value adjustments on investment property.