From GlobeNewswire: 2025-02-13 02:00:00

Harvia Plc reported a strong financial performance in 2024, with revenue increasing by 16.4% to EUR 175.2 million. Operating profit was EUR 35.5 million, and adjusted operating profit was EUR 37.1 million. The company’s operating free cash flow for the year was EUR 35.0 million, with a cash conversion of 79.4%. Net debt stood at EUR 57.2 million. The Board of Directors proposed a dividend of EUR 0.75 per share.

In the fourth quarter of 2024, Harvia achieved record quarterly sales of EUR 51.0 million, with revenue increasing by 29.3% from the previous year. Geographical sales growth was strong in North America, Asia-Pacific, and the Middle East. Organic revenue growth for the quarter was 21.7%. Despite challenges in Europe, particularly in Finland, Harvia maintained slight growth in Northern Europe.

Adjusted operating profit for the fourth quarter was EUR 8.7 million, representing a decrease of 8.6% year-on-year. The profitability was impacted by lower-margin campaign sales in North America and significant sales and marketing expenses. Harvia’s operating free cash flow for the quarter was EUR 15.0 million, supported by favorable developments in accounts payable and accounts receivable.

Harvia’s long-term financial targets include an average annual revenue growth of 10%, an adjusted operating profit margin exceeding 20%, and a net debt/adjusted EBITDA ratio below 2.5x. The company remains focused on driving profitable growth and strengthening its position as a global sauna market leader. North America and Asia-Pacific & Middle East are key growth drivers, with a focus on portfolio development and digital capabilities.

For more information about Harvia Plc’s financial performance and targets, visit their website at https://harviagroup.com/investor-relations/. CEO Matias Järnefelt and CFO Ari Vesterinen will host a webcast on February 13, 2025, at 11:00 a.m. EET to discuss the financial results.



Read more at GlobeNewswire:: Strong revenue growth and excellent cash flow