Fluidra obtained 1,186 million in sales in the first half and an Ebitda of 288 million

BARCELONA, July 28. (EUROPEAN PRESS) -

Fluidra obtained 1,186 million euros in sales in the first half of the year, 18% less than last year, and an Ebitda of 288 million, as reported this Friday to the National Securities Market Commission (CNMV).

The company places sales "within the expected range in a market in the process of normalization and with a difficult macroeconomic environment after years of strong growth," it explains in a statement.

Regarding Ebitda, Fluidra has ensured that "it reflects the effect of lower sales despite the recovery of the gross margin", and notes that the restructuring and cost control initiatives (which are part of its Simplification Program) mitigated cost inflation.

In this sense, he explained that the Cost Simplification Program aims to create long-term value and improve resilience: it focuses on improving margins and lowering fixed costs, to generate an improvement in Ebitda of 100 million over the next three years.

So far Fluidra is implementing more than 350 initiatives that are expected to generate some 29 million in savings this year, "close to the goal of achieving a third of the program's savings in 2023."

Regarding the net cash benefit in the first semester, it was 151 million euros, due to the lower operating performance, while the net profit stood at 104 million.

North America revenue was down nearly 20% in the first half of the year; those of southern Europe 14%; those of the rest of the world 9%, and sales in central and northern Europe 28%.

Piscina Comercial continues to grow, with 4% more sales in the first half "supported by the recovery of tourism", while Piscina Residencial fell 21%.

In July Fluidra completed the acquisition of Meranus, one of the leading companies in Germany, with which it plans to consolidate "its number one position in the third largest market in Europe".

The company notes that the macroeconomic environment remains uncertain and has limited its guidance for the whole of this year: it forecasts sales of 2.0 to 2.1 billion euros, an Ebitda of 410 to 450 million, and a net cash benefit per share from 0.95 to 1.15 euros per share.

The executive president of Fluidra, Eloi Planes, has considered that the semester has had good results taking into account "a complicated environment", has assessed that the company continues to strengthen the business for the long term, and that the Simplification Program is progressing well rhythm.

"Although the macro remains uncertain, we are confident in the attractiveness of our sector and in our ability to create value," he said, adding that they are well positioned to continue to lead the pool and wellness market.