Ontex saw a 3% revenue increase in H1 2024 with rising EBITDA, resulting in improved outlook.

From GlobeNewswire: 2024-07-31 01:00:00

Ontex reported a 3% increase in revenue like for like, with a 31% rise in adjusted EBITDA and a 12% margin. Net debt decreased by 12%, resulting in an improved leverage ratio of 2.5x. Revenue outlook was revised upward, with higher expected growth and profitability. CEO mentioned key strategic milestones achieved in the first half of the year.

In H1 of 2024, Ontex saw a 3% revenue increase, with a 5% volume growth and a 31% rise in adjusted EBITDA. Operating profit was impacted by one-time provisions for intended Belgian restructuring. Free cash flow amounted to €43 million, a significant increase. Net financial debt dropped to €588 million.

In Q2 of 2024, revenue was up 2% like for like, with a 32% increase in adjusted EBITDA. A focus on the cost transformation program delivered efficiencies, leading to a 12.5% margin. Operating loss was due to one-time provisions for restructuring in Belgium. Ontex management revised their 2024 outlook upwards, expecting revenue growth of 4-5%, a 12% EBITDA margin, and free cash flow higher than €20 million.



Read more at GlobeNewswire:: Strong H1 results leading to upward revision of full year