Fluidra increases sales by 31% driven by strong demand, price and M&AMay 5, 2022
Sales were up to 667 million euros and EBITDA was up 25.8% reaching 170 million euros.
Cash Net Profit up 26% to 103 million euros.
The company maintains guidance for 2022.
Fluidra, global leader in pool and wellness equipment and connected solutions, closed the first quarter of the year with solid results driven by continued demand, price and the run rate of 2021 M&A transactions. The company ended the quarter with 667 million sales, up 31.1% from over a record first quarter of 2021.
Net Profit was impacted by one-off effect of refinancing process carried out in January but reached 75 million euros, up 12% on the first three months of 2021. Cash Net Profit read-through was strong and stood at 103 million euros, up 26% compared to the same period in 2021.
EBITDA was up 25.8% to 170 million euros and a 25.4% margin, which was impacted by extraordinary inflation and mix, partially compensated by price increases and value improvement initiatives.
The company has also announced that it maintains its guidance for 2022. Fluidra expects to grow sales between 12% and 17%, with the EBITDA margin standing above 25.5%, with 50bps or more of margin expansion. The company is also forecasting an increase in Cash EPS of between 10% and 16%.
“We have delivered another strong quarter despite the changing environment. Fundamentals of the business remain solid, led by new construction, and we are prepared for the start of the season. We are confident on achieving the guidance for 2022” explains Eloi Planes, Fluidra’s Executive Chairman.
North America led growth
In terms of geographical areas, growth was led by North America, which delivered an exceptional increase of 49.3% in the first quarter boosted by demand and inorganic activity. Southern Europe was up 25.3% and the Rest of Europe 5.0%, while the Rest of the World witnessed a 29.8% growth.
In terms of business units, Residential Pool registered an increase of 29.3%, backed by continuous robust demand and inorganic activity. Commercial Pool grew strongly to an increase of 59.4%. The Fluid Handling business was up by 25.3% and Pool Water Treatment by 34.2%.
Eloi Planes pointed said: “We continue driving sustainable growth through our customer-focused platform and incremental investments for long-term growth while we have further mid-term opportunities to simplify, increase efficiency and continue our EBITDA margin expansion”.