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2024-05-07 18:00:00 CEST 2024-05-07 18:00:08 CEST REGULATED INFORMATION Marel hf. - Interim report (Q1 and Q3)Marel: Q1 2024 ResultsRevenues of EUR 413m and 7.9% EBIT, further build up of order book needed to improve operational performance Executive summary
Financial highlights Q1 2024
Arni Sigurdsson, CEO: We have been taking decisive cost actions with increased cost discipline to manage through the cycle and improving working capital management. It is, however, clear that further build up of the order book is needed to improve operational performance. There is continued short-term uncertainty evidenced by the lower-than-expected projects orders received in the quarter. However, we do see signs of improving market fundamentals and customers’ sentiment with lower feed prices, better pricing and positive tone from our customers at key trade shows over the quarter providing us with an optimistic view on the market in the second half this year. A significant milestone was reached in April when we signed a transaction agreement with JBT. Looking ahead to the potential combination, there are exciting opportunities to accelerate progress on our strategic journey and have a meaningful impact on our industry towards more sustainable food systems. We continue to work closely with JBT ahead of the targeted offer launch later this month. I want to thank the dedicated and talented global team at Marel navigating this changing landscape, and together we are fully committed to our vision to transform food processing and deliver on our potential.“ FY24 and mid-term outlook Labor scarcity and continued wage inflation, coupled with favorable secular trends, focused on automation, robotics technology and digital solutions that support sustainable food processing, will continue to support Marel’s organic growth outlook. The challenging market conditions have resulted in a decline of the order book in 2023 and 1Q24, orders received and revenues expected to build up in 2H24. To deliver revenue growth and improved operational performance in the future, build up of the order book is needed. Financial calendar
Financial results will be disclosed and published after market closing of both Nasdaq Iceland and Euronext Amsterdam. Upcoming trade shows and events
Virtual investor meeting Please note that the investor meeting is virtual only. The investor meeting will be streamed live via Zoom and a recording will be made available after the meeting on marel.com/ir. Registration is available here. [1] Result from operations and EBITDA adjusted for PPA related costs, including depreciation and amortization, acquisition related expenses and restructuring costs. In Q4 2023 and Q1 2024, result from operations is also adjusted for one-off write-offs related to product portfolio rationalization. |
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