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2022-08-12 09:00:00 CEST 2022-08-12 09:00:04 CEST REGULATED INFORMATION PHM Group Holding Oyj - Half Year financial reportPHM Group Holding Oyj's Half-year report January - June 2022: Strategy execution continued - Net sales grew and M&A activity was highStock Exchange Release 12.8.2022 at 10:00 a.m. EET
This release is a summary of PHM Group Holding Oyj’s half year report January – June 2022. The full release is attached and is available on our website at .
April–June 2022
January–June 2022
Group key figures
*) LFL = Like-for-like, financials adjusted to reflect full 12 months of all entities owned at the end of the period
Management review During the second quarter, PHM continued executing its strategy of growth both through M&A and organically, as well as improving the operational performance of the acquired businesses. Like-for-like revenue increased by 6% to 113.4 MEUR and LFL adjusted EBITDA grew slightly to 18.2 MEUR. Profitability was impacted by a weaker add on sales mix and high share of contractual work, high sick leave rates and increased fuel and energy costs. During the quarter PHM continued to develop its business by completing twelve acquisitions in all the countries it operates in. The Group significantly increased its size in Denmark by acquiring Altiren A/S and Alt I Polering ApS, a group active in cleaning in the Copenhagen area. The Group also completed several acquisitions in its other operating countries increasing the scale of the business further and entering new geographical markets. Furthermore, development and execution of ESG policies of the Group progressed well and as part of this development PHM Group set a target of becoming climate neutral by 2035. As a local Nordic service business, PHM’s business continued to show a relatively mild impact from the war in Ukraine due to its limited direct exposure to the crisis. The main impacts from the war are the increased fuel and energy prices as well as the general price inflation. Q2/22 continued to show a high number of sick leaves in the Group, which had an impact on the Group’s ability to capitalize on add on sales opportunities, as well as increased the Group’s operating costs especially related to sand removal and clean-up after the busy winter season. The war in Ukraine has so far not materially impacted the demand for the Group’s services. The demand for the Group’s services has remained good and the pipeline for add on services continues to look strong compared to previous years despite the crisis in Ukraine. The Group has taken active measures to end cooperation with suppliers with Russian ownership and ensure that its employees are treated equally regardless of their nationality or background. Although the war in Ukraine has no direct impact on PHM Group’s operations, as all other companies, PHM is not isolated from the indirect effects of the war such as increased price inflation and general economic uncertainty. The Group’s good pricing power enables it to pass on price inflation relatively effectively to customers, but high inflation rates may temporarily impact the Group’s margins. Also, the generally rising cost of living and financing might postpone some nonessential maintenance and improvement work and therefore impact the business in the short-term. In the long-term PHM sees that the situation will create opportunities to the Group as more focus is put on improving the energy efficiency of real estate and providing energy efficient solutions to residents and tenants. The technical services and other on demand work that was already postponed due to the Covid-19 pandemic is expected to provide further opportunities in the short to mid-term depending on the development of the general economy. Long-term market trends such as continuing urbanization, ageing building stock and interest towards upgrading homes and residential buildings also support the growth of the underlying market. During the review period (1-6/2022) PHM Group completed a tap issue of its senior secured callable fixed rate notes in the nominal amount of 40 MEUR under the existing 450 MEUR notes’ framework. Demand for the issue was good. The Group also completed the listing of the Bonds to Nasdaq Helsinki as planned.
Events after the review period After the review period the Group has completed four acquisitions, one in Sweden, one in Norway and two in Denmark.
Briefing invitation
Publication of the next financial results PHM Group will publish its Q3/2022 interim report on 14 November 2022 at 10:00 a.m. EET.
PHM GROUP HOLDING OYJ
For further information, please contact:
Ville Rantala CEO
Petri Pellonmaa CFO
PHM Group Holding Oyj in brief
PHM Group is a Nordic provider of residential property maintenance services. PHM Group cares about people by taking care of their surroundings. PHM Group consists of the best local enterprises, who share the same values and motives: entrepreneurship and a fair and responsible way of working. PHM Group believes that the only thing better than local service is local service with big resources. With PHM Group you do not have to choose between your well-known local entrepreneur and a big Nordic provider. With PHM Group, you get both. Read more at .Contacts
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