Seco/Warwick (SWG) Q2 2024 earnings summary

Executive summary

• Revenue for H1 2024 reached PLN 361.6m, up 3% year-over-year; net profit was PLN 9.7m, down from PLN 15.7m in H1 2023.

• The group maintained a diversified product portfolio and global presence, with no major changes in management or group structure.

• Dividend of PLN 8.6m was paid in June 2024 from 2023 profits.

Financial highlights

• H1 2024 revenue: PLN 361.6m (H1 2023: PLN 350.4m); Q2 2024 revenue: PLN 179.5m (Q2 2023: PLN 179.3m).

• H1 2024 net profit: PLN 9.7m (H1 2023: PLN 15.7m); Q2 2024 net profit: PLN 3.3m (Q2 2023: PLN 6.4m).

• H1 2024 EBITDA: PLN 23.0m (H1 2023: PLN 30.4m); H1 2024 EBIT: PLN 12.0m (H1 2023: PLN 18.2m).

• Gross margin for H1 2024: 19.5% (H1 2023: 22.7%).

• Cash at June 30, 2024: PLN 73.4m (Dec 31, 2023: PLN 75.7m).

Outlook and guidance

• Management sees no material uncertainties for going concern, but notes ongoing risks from the war in Ukraine and global economic volatility.

• The company expects continued impact from currency volatility, supply chain disruptions, and inflation.