Hampiðjan (HAMP) Q2 2024 earnings summary

Executive summary

• Revenue for Jan–Jun 2024 was €165.1m, down 0.6% year-over-year; EBITDA fell 5.8% to €20.1m.

• Net profit increased to €8.2m from €7.9m in the same period last year.

• Full ownership of Swan Net USA was acquired and paid in Q2; acquisition of FiiZK Protection AS announced, expected to close in September.

• Major investments in service centers for aquaculture in Scotland and the Faroe Islands, and a new net workshop in Denmark.

Financial highlights

• Revenue: €165.1m (Jan–Jun 2024) vs €166.2m (Jan–Jun 2023).

• EBITDA: €20.1m vs €21.3m year-over-year.

• Net profit: €8.2m vs €7.9m year-over-year.

• EPS: €1.30 vs €1.61 year-over-year.

• Cash flow from operations: €13.5m; cash at period end: €48.8m.

Outlook and guidance

• FiiZK Protection AS acquisition to strengthen aquaculture offering; expected completion in September.

• Continued restructuring of Mørenot operations; production mainly in Lithuania, Spain, and Poland.

• Ongoing investments in infrastructure to support growth in aquaculture markets.