From GlobeNewswire:

BIC reported strong fourth quarter and full year 2023 results, with a 9.2% increase in net sales at constant currencies. All three divisions saw growth, with Human Expression up 10.2%, Flame for Life up 3.3%, and Blade Excellence up 17.8%. Adjusted EBIT grew by 6.9% with a margin of 14.7%. Free Cash Flow was €248.7 million, and adjusted EPS grew by 11.3% to €5.70. The company proposed a total dividend of €4.27 per share and plans to execute up to €40 million of share buyback in 2024. The outlook for 2024 includes an expected net sales growth of 5-7% at constant currency, a slight improvement in adjusted EBIT margin, and a Free Cash Flow of above €220 million.

BIC’s CEO, Gonzalve Bich, commented that the company maintained solid execution in 2023, driven by its Horizon initiatives, which supported growth and margins. The company’s focus on operational excellence contributed to a gross profit improvement of 240 basis points, with supply of electricity from renewable sources increasing to 91%. The total dividend proposed was €4.27 per share, comprised of an ordinary dividend of €2.85 per share and an extraordinary dividend of €1.42 per share. The company enters 2024 with momentum and confidence, prioritizing disciplined commercial execution and ongoing innovation, and seeking to leverage successful product launches and capture geographic expansion opportunities while driving sustainable margins through operational efficiencies to maximize Free Cash Flow.

BIC provided an update on its 2025 Strategic Plan, Horizon, which aims for annual net sales growth of 5-7% at constant currencies, an approximately 150 basis points improvement in adjusted EBIT margin, and a Free Cash Flow above €220 million in 2024, above €240 million in 2025. In 2023, the company made progress on its 2025 strategic goals, focusing on delivering sustainable growth, executing operating efficiencies, and capturing cash every day. Key financial figures for the fourth quarter and full year 2023 were also highlighted, showing increases in net sales, gross profit margin, and adjusted EBIT margin. The company’s focus on sustainable growth, marketing capabilities, and innovative campaigns drove category growth, while its strategic emphasis on crafting a consumer-focused product lineup led to a 21.4% Net Sales per SKU growth and a 9% reduction of total SKU count, successfully outpacing its objectives. BIC also continued to drive excellence in procurement, identifying close to €10 million of savings validated to date, and saw strong Free Cash Flow in 2023, amounting to €248.7 million.



Read more: Fourth Quarter & Full Year 2023 Results